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MyRA Approved, Launches in 2015

(posted: January 11th, 2015)

The new myRA (my Retirement Account) savings plan was approved by the Treasury Department in December.

The Treasury Department is starting the myRA rollout out now. You can visit the official website for more information.

The program is intended for small savers and those who don't have any retirment plan provided by their employer.

MyRA follows the same basic rules and limits as a Roth IRA.

Fast Facts For Savers:

  • No minimum contribution requirement
  • No start-up costs or maintenance fees
  • No risk of losing money
  • Contribution limits: For 2015 that's up to $5,500 for individuals (across all IRAs). Those 50 and older can contribute an additional $1000.
  • Contributions are invested only in a new savings bond that will pay interest at the same floating rate as the government-securities account offered to federal workers in the Thrift Savings Plan.
  • Contributions must stop at $15,000 or 30 years participation, whichever comes first. At that point the money must be rolled into a traditional Roth IRA.
  • Contributions must be made through direct-deposit paycheck deductions, though the myRA website says that other contribution methods will become available soon.

Employers can participate at no cost by letting employees know about the option. Employers do not administer myRA accounts, contribute to them, or match contributions.

Individuals: Find more information and sign up for the program, here.
Employers: Learn more and get resources and information to share with employees, here.

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