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About myRA

Basics

What is myRA?

myRA (my Retirement Account) is a Roth IRA—an individual retirement account in which earnings and withdrawals are tax-free under certain circumstances—that invests in a U.S. Treasury retirement security which is guaranteed to never lose dollar value. A myRA has no fees and has no minimum balance or contribution (deposit) requirements.

What does it cost to hold an account?

There are no fees or minimum balance requirements associated with the account.

How do I know the money I save with myRA is safe?

The money held in a myRA is invested in a U.S. Treasury retirement security that is backed by the full faith and credit of the United States. The money held in a myRA before being invested in this retirement security, or after some or all of the security has been redeemed but prior to payment, is FDIC insured to the extent permitted by law.

What is a Roth IRA?

A Roth Individual Retirement Account (Roth IRA) is a retirement account with a number of benefits. It:

  • Allows for tax-free and penalty-free withdrawal of your contributions at any time, while interest earnings can be withdrawn without tax and penalties under certain conditions.
  • Provides tax-favored treatment at the time of payout rather than at the time of contribution, which is generally a good fit for savers who are currently in a low tax bracket but may have higher income in the future.
  • Makes it easy for savers to transfer or roll over their savings tax-free to Roth IRAs managed by private-sector account providers.

Visit myRA.gov/roth-ira to learn more.

How much and how long can I save with a myRA?

Money in a myRA continues to earn interest until either the account reached $15,000, you close your account, or your account is automatically closed after the program is phased-out. To learn more about the transition, and steps to take to continue your savings journey, visit myRA.gov.

In addition to myRA’ s $15,000 limit, the annual IRA contribution limits also apply. Depending on your income, for the 2017 tax year you can contribute up to a maximum of:

  • $5,500 if you’ll be under 50 years of age at the end of the year; or
  • $6,500 if you’ll be 50 years of age or older at the end of the year.

This is the amount you can put in each year (the annual contribution limit) for all your Roth IRAs and traditional IRAs combined—not just your myRA—and may change in future years. Visit myRA.gov/roth-ira to learn more.

Where can I find the regulation that authorizes Treasury to issue the retirement security for myRAs?

The regulation governing the U.S. Treasury retirement security used in myRA is found in the Code of Federal Regulations (CFR) at 31 CFR Part 347 and can be accessed at gpo.gov. Updates to this regulation are published in the Federal Register before being incorporated into the CFR. You can check for Federal Register updates through gpo.gov as well.

Where can I find the terms and conditions governing myRAs?

The Master Terms of myRA Custodial Account document can be found by signing into your account.

Who manages and administers the accounts?

Comerica Bank serves as the custodian for all myRAs. For myRA, Comerica Bank is a financial agent of the federal government and in that capacity performs specific duties and responsibilities on behalf of the U.S. Treasury, including account management and administration.

How do I contact myRA customer support?

You can call myRA customer support at the following numbers:

In addition, if you have a myRA account, you can send secure email to us by using the “Contact Us” link that appears at the bottom of all pages after you sign into your account.

Investment and Interest

How is the money I put in a myRA invested?

The money you put into your myRA is invested in a U.S. Treasury retirement security that safely earns interest at the same variable rate as investments in the Government Securities Investment Fund (G Fund) of the federal government’s Thrift Savings Plan. The G Fund is a retirement option offered to federal employees, members of the uniformed services, and their beneficiaries.

How can I invest the money I put in a myRA in another investment fund or in the stock market?

If you have saved with myRA but want to invest in another investment, you can transfer or roll over the funds from your myRA account to a private-sector Roth IRA that offers other investments at any time. For more information, see the FAQ questions about Rollovers.

What is the interest rate for a myRA?

A myRA earns interest at the same variable, monthly rate as investments in the Government Securities Investment Fund (G Fund) of the federal government’s Thrift Savings Plan. More information, including current and historical interest rates, can be found on the Thrift Savings Plan site at tsp.gov.

When does the interest rate change for my account?

The interest rate for your myRA can change at the beginning of each month. Information on the current and historical interest rates can be found on the Thrift Savings Plan site at tsp.gov.

Is the interest rate the same for all myRAs regardless of when they were opened?

The interest rate for myRA applies to every myRA, regardless of when each account was opened. This is different than some types of U.S. Treasury saving bond investments in which the current interest rate can vary depending on when the saving bond was purchased.

How is the interest earned and reinvested in my account?

The interest your myRA earns is added to your account and compounded daily. This means that any interest earned is added to the money you’ve contributed (the principal), so the added interest also earns interest.