my Retirement Account (myRA)
- Listed: January 17, 2019 6:16 pm
- Expires: 997834 days, 21 hours
Description
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Program Description
myRetirement Account (myRA®) is a starter retirement savings option created by the U.S. Department of the Treasury, especially designed for those who don’t have access to a plan at work. Saving with myRA is simple, safe, and affordable:
- No cost to open and no fees
- No minimum balance or contribution requirements
- No risk of losing money while safely earning interest
It’s Easy to Get Started
Open an account today at myRA.gov or by calling 855-406-6972. It only takes a few minutes.
Program Requirements
A myRA is a Roth IRA with contributions invested in a single U.S. Treasury savings bond. Key Roth IRA features include the following[i]:
- Save up to $5,500 ($6,500 if 50 or older) annually in all of your Roth and traditional IRA accounts.
- Because your contributions are made after-tax, you can take out what you put in, if you need it, without tax or penalty.
- Transfer or roll over your money to a private sector Roth IRA at any time. Account balances should be transferred to a private sector Roth IRA when they reach $15,000, or after 30 years.
- Income limits apply. You can contribute to a Roth IRA if in 2016 you earned below $132,000 ($133,000 for 2017) if single, and $194,000 ($196,000 for 2017) if married filing jointly.
[i] Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of interest. To learn about key features of a Roth IRA and for other requirements and details, visit myRA.gov/roth-ira.
Application Process
You can open an account at no cost and in a matter of minutes by going to myRA.gov. There are three simple steps to saving with myRA:
- Open a myRA account at myRA.gov
- Fund the account from a paycheck, checking or savings account, or federal tax refund
- Access the account online to view savings and manage the account
myRA customer support can also assist individuals with this process at 855-406-6972 or TTY/TDD 855-408-6972 or International 1-414-365-9616.
Contact Information
To learn more go to www.myRA.gov or call customer support at 1-855-406-6972 or email myra@treasury.gov.
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- Listed by: user2
- Member Since: March 22, 2018
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