Source: U.S. Department of the Treasury
The U.S. Department of the Treasury has launched myRA (my Retirement Account), a new retirement savings account that can help people start saving for their future. If you don’t have access to a retirement savings plan through your job, myRA could be a good option for you.
Why Open a myRA Account?
myRA was developed to remove common barriers that keep people from saving. It’s simple safe and affordable.
• No cost or fees to open and maintain an account
• Contribute an amount you choose every payday ($2, $20, $200 – whatever fits your budget!)*
• myRA will not lose money
• The investment is backed by the U.S. Treasury
• If you change jobs, the account stays with you, and you can contribute from multiple employers
• Withdraw the money you put in without tax and penalty**
It’s Easy to Get Started
myRA makes it easy to sign up and start saving. You can sign up today at no cost. There are three simple steps.
1. Open a myRA account at http://www.myRA.treasury.gov
2. Set up automatic contributions through your employer
3. Access your account online to watch your savings grow
Why wait? You can begin taking more control of your future today. Visit http://www.myRA.treasury.gov to get started.
* Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of interest. Limits listed are for 2015 and may be adjusted annually for cost-of-living increases. To learn about key features of a Roth IRA and for other requirements and details, see myRA.treasury.gov/roth-ira.
** Withdraw interest earned without tax and penalty five years after your first contribution if you are over age 59 1/2 or meet certain other conditions, such as using the funds for the purchase of your first home.