If you don’t have access to a retirement savings plan at work or haven’t found an easy way to save, myRA may be a good option for you. myRA is a retirement savings account that was developed by the U.S. Department of the Treasury to help people start saving for the future in a simple, safe, and affordable way.
Why choose myRA?
- Set up automatic contributions
- No complicated investment options
- If you change jobs, or work multiple jobs, the account stays with you
- Withdraw the money you put in without tax and penalty – Withdraw interest without tax and penalty under certain conditions
- No risk of losing money
- The investment is backed by the U.S. Treasury
- Your account safely earns interest
- No cost to open and no fees
- No minimum account balance and contributions
You choose how much to save ($2, $20, $200 – whatever fits your budget). Enjoy the tax advantages this type of investment brings.
Is myRA for me?
It could be a good fit if:
- You don’t have access to a retirement savings plan at work
- You want to save but haven’t found an easy way to get started
- You earn an annual income below $132,000 if single, or below $194,000 if married filing jointly
How do I get started?
- Open your account at myRA.gov/tax
- Fund your account from your paycheck, checking or savings account, or federal tax refund
- Access your account online and watch your savings grow
Here’s what you need to sign up:
- Social Security number
- Driver’s license, state ID, U.S. passport, or military ID
- Name and birth date of your beneficiary (the person you choose to inherit your account)
For additional information, please visit: myRA.gov