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About myRA

The United States Department of the Treasury developed myRA® to help more people start saving for retirement.

Why was myRA developed?

myRA was developed to remove common barriers to saving and help people take the first step toward a more secure retirement.

Who is myRA for?

myRA is designed for people who don’t have access to a employer-sponsored retirement savings plans or lack other options to start saving for retirement.

How does myRA work?

People can contribute to their myRA account with as little as a few dollars a month generally up to $5,500 per year (or $6,500 per year for those age 50 and over). See how savings can add up over time.

Millions of Americans aren’t saving—or aren’t saving enough—for their retirement. myRA offers a simple, safe, and affordable way for people, especially those who don’t have access to a retirement savings plan at work, to get started.

myRA is a Roth IRA retirement savings account with no start-up cost and no fees. myRA has no minimum contribution requirement, so people can contribute the amount that best fits their budget.*

Contributions to myRA accounts are invested in a new United States Treasury security, which safely earns interest at the same variable rate as investments in the government securities fund for federal employees. This investment is backed by the United States Treasury and the account carries no risk of losing money.

People can fund their myRA account directly from their paycheck, or from a personal account, such as a checking or savings account, or by directing some or all of their federal tax refund to their account when they file their taxes.

myRA can be a first step

myRA can help people without access to a retirement savings plan get started saving, but it is not intended to be the only way they save for retirement. myRA is not a replacement for 401(k)s or other types of employer-sponsored retirement savings plans. People can have a maximum account balance of $15,000, or a lower balance for up to 30 years. When either of those limits is reached, savings will be transferred or rolled over into a private-sector Roth IRA where people can continue to grow their savings.


Learn how it works
*You may contribute up to $5,500 per year (or $6,500 per year for individuals 50 years of age or older at the end of the year). Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of interest. Limits listed are for 2016 and may be adjusted annually for cost-of-living increases.

Related Government Websites

Here are some of our partner government agencies who are supporting the myRA program:

IRSIRS
Last updated 11/18/2016