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The US Department of Treasury is offering the new myRA retirement savings account for people who have no access to a retirement savings plan at their job or lack other options to save. It is a simple fund that is easy and free to open. The idea is that if you give people a bit of help, they will learn the benefits of saving money and begin new habits that will last a lifetime.
A myRA account earns interest at the same rate as investments in the Government Securities Fund (average annual return of 2.94% over the last ten years) which are backed by the US Treasury. It costs nothing to open the account and there are no fees. A myRA is operated under Roth IRA Rules, so there is an annual contribution limit of $5,500 ($6,500 for individuals 50 years of age or older). The fund is limited to a maximum $15,000.
The fund’s owner may withdraw any amount of money at any time tax-free and with no penalty. The money can also be transferred to a private-sector Roth IRA at any time with no penalty.
Contributions may be made from direct deposits from a person’s paycheck, checking or savings account, and a federal income tax refund by marking the “savings” box on the refund section of a return.
The fund is designed to be a part of what is described as a “larger savings journey” with online tracking tools including a myRA Savings Goal calculator. For more information, click here to visit the “Get Answers” page of the myRA website.
