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


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  4. DAVID K.

    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.

  5. marylou s.

    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 ?

  6. Raul E.

    Is caregiving for a close relative ( mother ) considered Domestic Work under the SS guidelines? Thank you

    • Ray F.

      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.

  7. Marie C.

    Can one rolls any amount from a 401K to this account?
    what is the limit one can save into this fund in their lifetime?

  8. roger n.

    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

    • Ray F.

      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

  9. walter

    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.

  10. Rolla


    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?


    • Ray F.

      Hi Rolla, this is a program sponsored by the Treasury Department. To learn more about myRA savings account please visit

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