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.
Will the savings be in a lock box where it cannot be borrowed by the government with an IOU like the social security?
What is the money invested into ? Govt. bonds, CDs or What ? What is interest rate ?
what if I need the money, how do I request for a withdraw?
Is that tax before deposit or like any other bank deposit account ?
Thanks for your questions, Terri Lee. Please visit the Frequently Asked Questions (FAQ) section of the myRA website.
What does MyRA pay in interest?
2.5%
To learn more about myRA savings program visit http://www.myRA.treasury.gov.
To learn more about myRA savings program visit http://www.myRA.treasury.gov.
Excellent question! Is this just another deep pool of money that Congress can wade into at their leisure and our expense? Please reply officially, honestly and without political correctness.
MCS
Hasn’t the government proved it can’t be trusted with money? Why would anyone allow them access to more?
What does MyRA pay in interest?
2.5%
GOOD QUESTION!!!
I am very interested in the official response.
ML
Are there any income limits? If so, what are they? Also, is it correct that any interest on the monies deposited considered to be income and taxable upon withdrawal? How will the interest be distinguished and separable from the monies deposited by me? Will I receive some kind of annual report from the US Treasury Department?
If you have a student loan outstanding already being paid with automatic/garnishment, will any of the investment be removed to pay for the outstanding debt?
Is it considered income that can be garnished?
If you have extra money to invest, I’d be paying off the student loan as fast as possible. Look into Dave Ramsey and his plan.
How is this different from a regular IRA? Is it just that the monies are invested with the Feds and not private investing institutions?
I am interested in learning more about this. I have a Roth account which is going down every day. Perhaps I should move that money into something else before it is all gone.
Change your investment. If you are using a brokerage firm should be able to invest in Treasury bonds if that is what you want.
just another rigged up capitalist device to keep the ” sheeple” quiet
Well aren’t you a ray of sunshine.
Why do we need another federal retirement program?
How is this guaranteed to never lose money?
Oh, because I pay for it and it’s guaranteed to never lose money because the taxpayers will ensure it never loses money.
Phew! Thank goodness the federal government is ramping up a second retirement program!
If money can be withdrawn at any time without penalty, then am I correct that money deposited here is taxed before deposit? No IRS credit for savings?
Hi Dianne. Please visit http://www.myRA.treasury.gov to learn more about myRA savings program.
The right questions are being asked. The Social Security ‘savings account” that we are all forced into has empty coffers with government IOU’s. It was supposed to be a “trust fund”.
This looks like another way for the feds to get money they can’t pay back.
Hi, Can I roll in my current social security money into this new option?
Hi Elvis. The myRA account is a separate savings program developed by the United States Department of the Treasury for people without access to retirement savings plan at work. This is an option for individuals to add savings for their retirement. We encourage you to visit http://www.myRA.treasury.gov to learn more about myRA savings program
How is this better or for that matter worse than social security? What is the interest rate, penalties and how would I access the account if I needed money.
Thank you for your question Rudy. Please visit http://www.myRA.treasury.gov to learn more about myRA savings program.
So in other words when the account reaches 15,000 it becomes privatized and we can kiss the money goodbye! Can we say Wall Street?!!! Or… Can the money stay in the account for as long as one likes???
Why is the savings account only limited to 15,000 dollars? What is someone inherits money for more than this amount?
Hi Evelyn. This savings program is sponsored by the Treasury Department. To learn more about myRA savings account please visit http://www.myRA.treasury.gov.
Interest earned is at the same rate as investments in the Government Securities Fund, which earned 2.31% in 2014 and an average annual return of 3.19% over the ten-year period ending December 2014…notice they did not tell you what 2015 was
You may contribute up to $5,500 per year (or $6,500 per year for individuals 50 years of age or older at the end of the year). 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. Looks like it is treated as A ROTH IRA to me.
For specifics on how the myRA account works and to learn more about myRA account visit http://www.myRA.treasury.gov.
This sounds too good to be true. Also, there are too many unanswered questions. There should be specific information, i.e. the interest rate for the myRA. I don’t like being treated like I’m stupid. Give me all the required information upfront, then I can make an intelligent, informed decision. Otherwise, it is a scam.
Hi Jo Anne, this is not a scam. This program is sponsored by the U.S. Treasury Department 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 add to their savings for retirement. You can find specific information about the myRA account at http://www.myRA.treasury.gov.
Why are we all for the same retirement as United States Congress and government employee you did not in the store so security you don’t give us a raise when we paid into Social Security or lives and now we are to trust you with our investments explain to me how we can possibly trust the Social Security system with more money
check out this link for more information. it is invested in bonds and is a Roth IRA. Check out this website:
https://myra.gov/
Invest money into buying Treasury Bonds and after 30 years your IRA will support you?? We know how broke the government is so I think don’t so.
Hi,
I would like to ask if it is necessary to deduct the amount of saving via employer or i can as an employee send the amount needed directly from my bank account to my myRA account?
Thanks
Hi Rolla, this is a program sponsored by the Treasury Department. To learn more about myRA savings account please visit http://www.myRA.treasury.gov.
What an absolute joke, run by an entity that has mismanaged every program for the public. If they provided everyone at least 2.5% over the inflation rate, it might be worth considering, but under the current format, they must believe that the whole population is gullible and will accept this plan.
is this instead of or in addition to social security deductions; and what kind of statements and how often and how much interest will be paid on the account
Thank you for your question Roger. The U.S. Treasury Department has introduced myRA savings account for individuals looking for a simple, safe, and affordable way to save for their retirement, in addition to their Social Security retirement benefits. We encourage you to learn more about myRA at http://www.myRA.treasury.gov.
Can one rolls any amount from a 401K to this account?
what is the limit one can save into this fund in their lifetime?
Hi Marie. Please go to the Frequently Asked Questions (FAQ) section of the U.S. Treasury Department – myRA web site or visit http://www.myRA.treasury.gov to learn more about myRA savings program.
Is caregiving for a close relative ( mother ) considered Domestic Work under the SS guidelines? Thank you
Hi Raul. Federal law requires specific coverage thresholds for domestic employees. A coverage threshold is an amount of earnings that triggers coverage under the Social Security program. In 2015, the domestic employee coverage threshold amount is $1,900 and $2,000 in 2016. Please read our publication “Household Workers” for more information.
why can’t disabled find a way to be buried next to kin. I have a open plot but no way to pay for digging and vault, funeral etc .ON 800 a month , where is my life insurance to help me when I die .I am so blessed to be here anyway .Not my fault a childhood operation of the heart and blood transfusion was going to haunt me in future I really think it was to make a difference .I know I worked more and harder than this but was scabbed into my lowest paying job is what is based on .?? This is not fair .at all .I cannot save in this RA THING as I am disabled and they just take my money back .So what I do ? Go to a scam site and send money all the rest of my life to somewhere you don’t see commercials for no more ?
I served 45 years in serving the United States and now am getting messed over by the United States. I served 25 years in the military and 20 years in civil service. I have ran into 2 very bad situations I do not think is right. After serving and paying Social Security over those 45 years the Social Security rules say unless my wife is a United States Citizen she cannot claim from my Social Security. she was a luchl but could collect but my current wife cannot. I think I earned it and my wife should be able to claim it when she turns 65.There are others that have not served and wives have not worked at all and are allowed to draw on their husbands Social Security. Would you please help me with this?
My second request I am requesting help with is my wife will be able to claim the military SBP but the draw back is Social Security will take out 30% tax on it but cannot draw on my Social Security . I think that is a big exuberant, don’t you.
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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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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.
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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/.
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.