myRA Retirement Account

myRA Basics

The myRA account is a government-backed retirement account for Americans who don’t have access to employer-sponsored retirement plans.  The myRA will initially be offered through a pilot program to workers of employers who sign on by year end.  The account will essentially function as a Roth IRA in which savers can invest after-tax dollars and withdraw the money in retirement tax-free.  The accounts will invest solely in government savings bonds.  Savers can’t lose their principal investment due to U.S. government backing and there will be no fees.

myRA: Qualifications

  • Any individual with annual income less than $129,000.00
  • Couples with annual income less than $191,000.00
  • Savers can open an account with as little as $25.00 and can contribute $5.00 or more every payday

For the U.S. Department of Treasury Overview view their PDF: Click Here