Is myRA for me?
myRA® might be right for you if:
- You want a safe investment guaranteed to not lose money
- You’re worried about fees and minimum account requirements
- You want to start or boost your savings in an account that safely earns interest
Because myRA is a ROTH IRA and follows the same rules, savers (or their spouses, if married filing jointly) must have taxable compensation to be eligible to contribute to a myRA account and generally must earn an annual income below $133,000, if single, and $196,000, if married filing jointly.*
The Roth IRA structure has a number of benefits, including:
- Allows for tax-free and penalty-free withdrawal of money you put in (your contributions) at any time.
- Provides tax-favored treatment at the time of payout rather than at the time of contribution.
- This 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 private-sector Roth IRAs.
If you already have access to a retirement savings plan, such as a 401(k), learn more about that plan because it might offer matching contributions and other benefits.
Start your broader retirement journey with myRA
myRA is a way to get started saving. Think about how it can fit into your saving strategy.
Interested in a myRA? It only takes 15 minutes to get started – and it’s completely free.
*Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of earnings. Limits listed are for 2017 and may be adjusted annually for cost-of living increases. To learn about key features of a Roth IRA and for other requirements and details, go to myRA.gov/roth-ira.