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.