myRASM: My Retirement Account

WHAT YOU NEED TO KNOW

The U.S. Department of the Treasury will develop the myRA (“My Retirement Account”) program, offering a retirement savings account for individuals looking for a simple, safe and affordable way to start saving. Beginning in late 2014, savers will be able to open an account with as a little as $25 and contribute $5 or more every payday. myRAs will be initially offered through employers, balances will never go down, and there will be no fees. myRAs will hold a new retirement savings bond that will be backed by the U.S. Treasury.

myRA Employers Information thumbnail myRA Infographic thumbnail

Key features include:

  • As little as $25 to open an account.
  • Add to savings through regular payroll direct deposit –$5 or more every payday.
  • No fees.
  • myRAs will earn interest at the same variable rate as the Government Securities
  • Investment Fund in the Thrift Savings Plan for federal employees.
  • myRAs will not be limited to one employer  – the account will be portable.
  • myRA contributions can be withdrawn tax free.
  • Earnings can be withdrawn tax free after five years and the saver is 59½.
  • Account holders can build savings for 30 years or until their myRA reaches $15,000 – whichever comes first. After that, myRA balances will transfer to private-sector Roth IRAs.

HAVE QUESTIONS?

If you have additional questions, check out the Top Questions and Answers about myRA.

For more information, call (800) 553-2663.

Helpful Resources

U.S. Treasurer Rios Talks myRA


Page IconmyRA Fact Sheet


Page IconmyRA FAQ


En Español

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myRA: Una Cuenta de Ahorros de Jubilación        Sencilla, Segura, y

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myRA: Nueva Cuenta para la Jubilación preguntas        frecuentes

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myRA News

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President Obama Signs Memorandum Directing     Treasury to Create myRA

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What Others Are Saying About myRA

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myRA: Helping Small Business Owners Support Their Employees' Retirement Goals