Here are some facts about this program
- myRA cost nothing to open and has no fees.
- You contribute an amount you choose ($2, $20, $200 — whatever fits your budget!). The total allowed in one year is $5,500 ($6,500 if you are 50 or older).
- It operates like a ROTH IRA.
- Contributions are not tax deductible.
- Earnings from the account are not included in your taxable income.
- The investment is backed by the United States Treasury.
- Your account safely earns interest.
- You can withdraw the money you put into your account at any time without paying tax and penalty.
- You can setup automatic contributions.
- myRA is designed for people who don’t have access to an employer-sponsored retirement savings plans or lack other options to start saving for retirement.
- Millions of Americans aren’t saving—or aren’t saving enough—for their retirement. myRA offers a simple, safe, and affordable way for people to get started.
- Get more information here from the US Department of the Treasury.