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