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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Doug Walker, Deputy Commissioner, Communications

Deputy Commissioner, Office of Communications


  1. John

    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.

  2. Nancy

    check out this link for more information. it is invested in bonds and is a Roth IRA. Check out this website:

  3. Roger C.

    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

  4. Jo A.

    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.

    • Ray F.

      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

  5. pat

    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.

    • Ray F.

      For specifics on how the myRA account works and to learn more about myRA account visit

  6. pat

    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

  7. Evelyn S.

    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?

    • Ray F.

      Hi Evelyn. This savings program is sponsored by the Treasury Department. To learn more about myRA savings account please visit

  8. Rudy

    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.

    • Ray F.

      Thank you for your question Rudy. Please visit to learn more about myRA savings program.

  9. Elvis

    Hi, Can I roll in my current social security money into this new option?

    • Ray F.

      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 to learn more about myRA savings program

  10. John

    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.

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