myRASM: My Retirement Account


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, individuals will be able to open accounts and begin contributing to them 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:

  • No cost to open an account.
  • Contribute to savings through regular payroll direct deposit.
  • Individual decides how much to contribute every payday ($50, $25, $7 – any amount!)
  • 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  • myRA contributions can be withdrawn tax free.
  • Earnings can be withdrawn tax free after five years and the saver is 59½.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.


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

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

Helpful Resources

Page IconmyRA Fact Sheet

Page IconmyRA FAQ

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