myRA, U.S. Treasury’s New Retirement Savings OptionReading Time: 1 Minute
Last Updated: November 5, 2015
The U.S. Treasury Department has introduced myRA, a retirement savings account for individuals looking for a simple, safe, and affordable way to save for their retirement. Over thirty percent of all American households have no retirement savings. myRA provides a way to start saving for retirement.
Designed for people who don’t have access to a retirement savings plan through their job, myRA offers a favorable choice for those who want to save for retirement. With myRA:
- There’s no cost and no fees to open and maintain an account;
- The investment will not lose money;
- U.S. Treasury backs the investment;
- Account owners choose how much to save ($2, $20, $200 – whatever fits their budget);
- If account owners change jobs, the account stays with them; and
- Account owners can withdraw the money they put in without tax and penalty.
There are several ways to fund a myRA account:
- From a paycheck. Account owners can set up automatic direct deposits with their employer(s) to their myRA.
- From a checking or savings account. Account owners can set up recurring or one-time contributions from their checking or savings accounts to their myRA.
- From a federal tax refund. At tax time, account owners can direct all or part of their federal tax return to their myRA.
Employers do not manage employee myRA accounts, contribute to them, or match employee contributions. At no cost to them, employers simply facilitate an ongoing payroll deduction from the employee’s paycheck to the designated myRA account in the amount the employee chooses.
I encourage you to learn more about myRA at www.myRA.treasury.gov.
Tags: retirement, retirement benefits, Social Security benefits, Social Security taxes, SSASee Comments
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I’m hoping that I can find someone to help me get everything that I have going on ,which is alot. I’ve been trying to do this by myself and it’s very fustrating,i thought I could do it but it’s too much & the longer I wait it’s going to get worse because I think my social security number was being used and not only that mynidentity also.so I’m scared ,I dont know how far they went with this ,but what I’m seeing doesnt look good.im in need of a financial advisor ,& an attorney and I’m hoping since I’m low income I might have some luck starting here. My father I guess died in in the line of duty some years ago & it seems like he left everything to me ,its alot & too top it all off my mom tried her hardest for me not to know who he even was .so therefore I didn’t even know his name. So I’m kind of stuck & frustrated. I’m hoping you can help me with all this and lead me in the right direction,I would be very grateful.thank you & Hope to hear from you soon .
Hi Renee, thanks for using our blog. Generally, identity theft issues are handled by the Federal Trade Commission. Visit their web site to report identity theft and get a recovery plan or call 1-877-IDTHEFT (1-877-438-4338). We hope this helps.
I WANT MY SSA ACCOUNT RETIREMENT CHECKS FROM WORKING 25 YEARS. YOU ONLY GAVE ME THE ONE FROM MY LATE HUSBAND’S ACCOUNT WHICH I HAD TO WAIT FOR FROM 1983 D.O.D UNTIL 2007. YOU HAVE PISSED AWAY MY ACCOUNT MONIES AND I WANT IT.PLEASE ACKNOWLEDGE BEFORE I GO TO THE NEWSPAPERS.
iS THE MYRA ACCOUNT STILL IN EXISTENCE OR IS IT ALSO KILLED LIKE SO MANY OTHER GOOD THINGS.
Thank you for your question, Lawrence. This savings program is sponsored by the U.S. Department of the Treasury. To learn more about myRA savings account please visit https://www.myra.gov/.
It’s really very complicated in this busy life to listen news on TV, so I just use the web for that reason, and take the latest news.
What if you do not wish to roll myRA into an IRA after you reach the limit? Is it possible to just take the money out after you reach the limit?
If one must turn it over to private IRA, it seems like more corporate welfare.
Please call the U.S. Department of the Treasury at 855-406-6972 for more information related to the myRA account.
Thank you for another fantastic post. Where else could anybody get that type of information in such an ideal way of writing? I’ve a presentation next week, and I’m on the look for such info.
I collect Social Security Retirement – my only current income. Can I pay into an myRA? If so, will SS direct deposit in an my RA account?
Hi Ed, myRA is a savings program specifically designed for people who don’t have a retirement savings plan through work or lack other options for saving. Please call the U.S. Department of the Treasury at 855-406-6972 for more information related to the myRA account.
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Doug Walker, Deputy Commissioner, Communications
Deputy Commissioner, Office of Communications