The United States Treasury has designed a new retirement savings option that makes it easy for you to participate, with no minimums, fees or risky investments.
Why is myRA a good option?
Saving is now easier than ever. Whether you can regularly save $7, $25, $50 or $100 a month, myRA is a simple and reliable way to kick start saving for your future.
Simple
- Contribute automatically every payday
- If you change jobs, the account stays with you
- Withdraw the money you put into your account at any time without paying tax and penalty
- Withdraw interest you earn without paying tax and penalty under certain conditions
Safe
- myRA will not go down in value
- The investment is backed by the United States Treasury
- Your information is private and secure
Affordable
- It costs you nothing to open an account
- You pay no fees for maintenance of the account
- You contribute as much as you choose every payday ($2, $20, $200 — whatever fits your budget!)
- Enjoy the tax advantages this type of investment brings. Learn more about the key features and details of a Roth IRA here.
Start Saving for Retirement Now
Saving for retirement might seem complicated, but myRA makes it easy. You set your savings goal and decide how much you want to save.
myRA is a new way to kick start your savings by helping you set aside a few dollars per month. The more you can save the better. And the sooner you start saving, the more time there will be for your savings to grow, giving you more money in retirement.
See how you can reach your savings goals
Play around with the calculator below to see how contributing a little more each month can have a big impact.
First, set a savings goal. You can save up to $15,000 in your myRA.
How much can you save each month?
That's just $1.66 a day.
Let's see how your myRA savings add up over time.
Good job!
You can reach your goal of in your myRA in under years.
And with in interest, that's money you get just for saving!
Feeling ambitious? Increase your monthly contribution to reach your goal faster.
This calculator is for demonstration purposes only and does not indicate actual performance. It is based on an assumed average 2.5% interest rate, compounded monthly
Is myRA right for me?
- You should set up a myRA if…
- You want to start saving for retirement
- You're a wage earner without access to a retirement plan at work and
- You earn less than $129,000 per year (less than $191,000 per year if you’re a married couple filing jointly)
Currently, you can only fund your myRA account by direct deposit through an employer.
How does it work?
myRA has been designed for you. Each pay period, you’ll be able to automatically deposit money from your paycheck into a myRA account. This money will grow risk-free, earning interest. You can save up to $15,000 this way.
Here's how it works:
1.Sign up for myRA
First, you will open your myRA account by providing your information online or by phone — it will take about 10 minutes.
2.Set up regular contributions from your paycheck
Give a direct deposit authorization form to your employer. You'll have the option to print one when you open your account, or use the one you receive in the mail with your welcome package. If you want to contribute from multiple jobs, give each employer a form. Some employers may ask you to use their own direct deposit authorization forms.
If your employer has questions about setting up direct deposit to your myRA, you can share a letter we have prepared that explains the process.
3.Sit back, relax and watch your savings grow
Because of your automatic contributions, all you have to do is watch your savings grow. myRA earns interest at the same rate as investments in the government securities fund available to federal employees. You’ll be able to check your balance and manage your account online 24/7.
You can keep saving money in your myRA for 30 years or until you’ve saved $15,000, and when either of those limits is reached, your savings will be rolled over to a private-sector Roth IRA* where you can keep saving. You can also choose to roll over your myRA to the private sector at any time.
If you already enrolled in myRA Online, click here to manage your account.
Start saving today
Signing up for myRA is easy and only takes 10 minutes.