myRASM: My Retirement Account
What is myRA?
myRA is a new type of savings account for Americans who don’t have access to an employer-sponsored retirement savings plan. Workers who sign up will be able to have a portion of their paycheck directly deposited into their myRA automatically every payday.
Contributions as low as $5.
Key features include:
- No cost to open an account.
- Contribute to savings through regular payroll direct deposit.
- Individual decides how much to contribute every payday ($50, $25, $7 – any amount!)
- No fees.
- myRAs will earn interest at the same variable rate as the Government Securities
- Investment Fund in the Thrift Savings Plan for federal employees.
- myRAs will not be limited to one employer – the account will be portable.
- myRA contributions can be withdrawn tax free.
- Earnings can be withdrawn tax free after five years and the saver is 59½.
- Account holders can build savings for 30 years or until their myRA reaches $15,000 – whichever comes first. After that, myRA balances will transfer to private-sector Roth IRAs.
FIND OUT MORE AT: http://www.myra.treasury.gov/ OR http://www.treasurydirect.gov/readysavegrow/
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