Skip Navigation An official website of the United States Government.U.S. Department of the Treasury

Saving made easy

myRA is a simple, safe, affordable way to start saving for retirement. Open a myRA, build up savings, then move on to other investments.

Play video about how to get started with my R. A.

Who is myRA for?

myRA® is designed to make saving for retirement easy for people who need it most – workers who don’t have access to a retirement savings plan at their job or lack other options to save.

Why is it a good option?

It's simple. You take control.

  • Set up automatic contributions.
  • If you change jobs, the account stays with you.
  • Withdraw the money you put into your account at any time without paying tax and penalty.

It’s safe. No need to worry about your investment.

  • The investment is backed by the United States Treasury.
  • Your account will safely earn interest at 2.25% APR during the month of July 2017*.
    *Accounts earn interest at the same rate as investments in the Government Securities Fund, which earned 1.82 percent in 2016 and had an average annual return of 2.63 percent over the ten-year period ending December 2016.

It’s affordable. Fits your budget with no cost or fees.

  • myRA costs nothing to open and has no fees.
  • You contribute an amount you choose ($2, $20, $200 — whatever fits your budget!)*. See how your savings add up.
  • Enjoy the tax advantages this type of investment brings. Learn more about a Roth IRA.
    *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.

1. Open your myRA

Get started by signing up today

What you’ll need

  • Social Security number*
  • Driver’s license, state ID, U.S. passport, or military ID
  • Name and birth date of at least one beneficiary (the person you choose to inherit your account)
    *You can also open an account using an ITIN (Individual Tax Identification Number), but only by contacting myRA customer support at 855-406-6972 or TTY/TDD 855-408-6972 or International 1-414-365-9616.

2. Fund your account

You can fund your account from your paycheck via direct deposit or from your checking or savings account. You can also direct some or all or your federal tax refund to your myRA account when you file your taxes.

From your paycheck

  • Complete a direct deposit authorization form and give it to your employer, or follow your employer’s own process.
  • Money will then be deposited to your myRA every paycheck.
    It may take up to two pay periods before you see the first deposit from your paycheck in your myRA.

From your checking, savings, or another type of account

  • Link to a personal account either during the sign up process or once you open your account.
  • Set up recurring or one-time contributions from that account.

From your federal tax refund

  • Mark the “savings” box in the refund section of your federal tax return when you file your taxes.
  • Fill in your myRA account and routing numbers, and choose how much to save.

3. Watch your savings grow

  • View your balance and manage your account online 24/7.
  • Earn interest on your savings at the same interest rate as the Government Securities fund available to Federal employees.
  • Transfer or roll over your myRA to a private-sector Roth IRA at any time.
  • Save up to $15,000 in your myRA before transferring to a private-sector Roth IRA.
Portrait of Audrey G.

I like the idea that someday I’d retire, and because I’ve saved, I’d be able to get in the RV and go.

Audrey G., Washington, DC
Portrait of Jada H.

myRA has definitely helped me in terms of saving and getting used to saving.

Jada H., Glen Burnie, MD

Frequently asked questions

Q: Can I access my money if I need it?
A: You can withdraw the money you contributed tax-free and without penalty, so it’s there if you need it.
Q: Why does myRA have an annual contribution limit?
A: myRA is a Roth IRA so it follows Roth IRA rules, which include an annual contribution limit.

Get in touch

Still have questions? Need help setting up your account?

Contact us
Last updated 07/03/2017