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Open Enrollment Toolkit | Newsletter Article / Blog Post

No 401(k)? Try myRA
Start saving for your future this Open Enrollment Season

It's Open Enrollment Season, the time of year when employees nationwide sign up for, or make changes to their benefits, such as healthcare, life insurance, and retirement savings. It's a great time to plan for your future — especially your financial future — and to take steps to start saving.

But what if you don't have benefits at your job, such as a 401(k)? You’re not alone. In fact, one out of every three private industry workers lacks access to retirement benefits at work.

Luckily, even people who don’t have workplace benefits can start saving for their futures during Open Enrollment Season with myRA, a retirement savings account developed by the U.S. Department of the Treasury. It's easy to get started and take more control of your financial future.

What do you need to know?
myRA® is a Roth IRA1 that's simple, safe, and affordable, so you can kick-start your savings journey. Key features include:

•	It costs nothing to open an account and there are no fees
•	myRA carries no risk of losing money
•	There are no minimum balance or contribution requirements
•	You can contribute any amount  you choose ($2, $20, $200 – whatever fits your budget!)
•	The account safely earns interest2 
•	You can withdraw the money you put in without tax and penalty3

myRA lets you save in a way that works for you. If you have more than one job, you can contribute from each one. If you change jobs, the account stays with you.

Now is the time to start saving – it's easy!

1.	Go to myRA.gov and open an account

2.	Set up automatic direct deposit contributions from your paycheck, or transfer money from a personal checking or savings account or even your federal tax refund 

3.	Monitor your account online and watch your savings grow

To open an account, you’ll need to have the following on hand: 

•	Social Security number 
•	Driver's license, state ID, U.S. passport, or military ID4
•	Name and birthdate of at least one beneficiary (the person you choose to inherit your account) 

Don't wait! The sooner you start, the sooner your money will start earning interest. Learn more and sign up at myRA.gov. 

1To learn about key features of a Roth IRA and for other requirements and details, go to myRA.gov/roth-ira. 2Accounts 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. 3Withdraw interest earned without tax and penalty five years after your first contribution if you are over age 59 1/2 or meet certain other conditions, such as using the funds for the purchase of your first home. 4You 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.
Last updated 03/20/2017