Looking for myRA retirement savings account information? You are in the right page! Note: myRA® is a registered trademark of the United States Department of the Treasury. This post is just a basic information about myRA (my Retirement Accout) is a new retirement savings account from the United States Department of the Treasury.
myRA is one great way to save money for retirement easily. Read this page, watch the video and read the benefits and features of myRA today.
myRA Features, Highlights and Benefits
No cost or fees – this is a good feature because you can save more when saving to your account without charging you some cost or fees.
No complicated investment options – what does it means?
No risk of losing money – this is a great way to save. If your goal is to save and let your money grow without taking too much risks, myRA is right for you.
Save more by paying less tax – Saving for retirement could lower your taxes. myRA makes it easy to save for retirement; you can even direct your tax refund into your myRA account in 3 easy steps. (1)
myRA Retirement Savings Account
myRA is Simple, Safe and Affordable.
myRA is good for people who wants to save money for retirement. It is also designed for workers (employees) who don’t have retirement savings plan from their employers.
myRA is simple because an individual can set up automatic contributions. In myRA, if person change his jobs, the account stays with him. Also, myRA is simple because a person can withdraw the money he put into his account at any time without paying tax and penalty.
Who wants safe investment? Everyone. Your money is safe because the investment is backed by the United States Department of Treasury. Your account is safely earns interest.
myRA is afforable because it fits the person’s budget with no cost or fees. An individual will not charged any amount when opening a myRA. If a person contribute an amount he choose. An individual 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.
Watch this myRA Retirement Savings Account Video Presentation
When I visited the official website of myRA (see reference), there is a savings calculator that will help an individual to decide how much money to save. The savings calculator is a tool used to calculate the future worth of your savings. Say for example, if you will save $50 per month in your myRA in 5 years, you can save over $3,192.00
Things Needed when Opening myRA
- 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)
How to Fund your myRA?
You can fund myRA 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.
Actually there are several ways to fund your myRA, fund your myRA from your paycheck, from your checkings, savings, or another type of account and from your federal tax refund.
Fund myRA via 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.
- Note: It may take up to two pay periods before you see the first deposit from your paycheck in your myRA.
Fund myRA from checkings, 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.
Fund myRA 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.
Other Features of myRA
- You can view your myRA 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.
Sources and References
If you have any questions related to myRA retirement savings account, just visit the myRA official website or contacting myRA customer support at at 855-406-6972 or TTY/TDD 855-408-6972 or International 1-414-365-9616.