myRA, U.S. Treasury’s New Retirement Savings Option

November 5, 2015 • By

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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.

myRA treasury sign

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

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About the Author

Doug Walker, Deputy Commissioner, Communications

Deputy Commissioner, Office of Communications


  1. Dianne

    If money can be withdrawn at any time without penalty, then am I correct that money deposited here is taxed before deposit?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?

  2. Rusty

    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!

  3. brian w.

    just another rigged up capitalist device to keep the ” sheeple” quiet

    • Collyn

      Well aren’t you a ray of sunshine.

  4. Merilann J.

    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.

    • Bob

      Change your investment. If you are using a brokerage firm should be able to invest in Treasury bonds if that is what you want.

  5. Collyn

    How is this different from a regular IRA? Is it just that the monies are invested with the Feds and not private investing institutions?

  6. Ellen N.

    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?

    • Scott

      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.

  7. L. Y.

    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?

  8. ML

    I am very interested in the official response.

  9. Kenton J.

    What does MyRA pay in interest?

    • Scott


  10. Rudy m.

    Will the savings be in a lock box where it cannot be borrowed by the government with an IOU like the social security?

    • Oniric

      What is the money invested into ? Govt. bonds, CDs or What ? What is interest rate ?

      • Terri L.

        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 ?

      • Mark G.

        What does MyRA pay in interest?

    • Michael S.

      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.


      • Ann

        Hasn’t the government proved it can’t be trusted with money? Why would anyone allow them access to more?

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