Retirement Savings Made Easy

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Created on March 5, 2015

The U.S. Department of the Treasury created myRA (my Retirement Account), a new retirement account, to help people save for retirement. myRA is a simple, safe, and affordable way to take more control of your future. Here are the top questions employees have about myRA.

What is myRA?

myRA is a new type of Roth IRA* – a popular retirement savings tool – that has been specifically designed by the U.S. Treasury to address many of the most common barriers to saving, such as fees and minimum initial contributions. There is no cost to you to participate, and myRA carries no risk of losing money. The account stays with you when you change jobs, and if you have more than one job, you can contribute to it through multiple employers. myRA has no minimum contribution requirement, which means you can contribute the amount you choose.* And best of all, it’s easy to set up and manage.

Who can sign up for myRA?

myRA could be a good option if you don't have access to a retirement savings plan through your job. myRA follows Roth IRA rules so it is generally available to anyone who earns an annual income of less than $129,000 a year for individuals and $191,000 for married couples filing jointly.* You can set up direct deposit into your myRA through your employer.

Are there any fees?

No. It costs nothing to open an account and there are no fees for the maintenance of the account. Best of all, you decide how much to save – as little as a few dollars a month up to $5,500 per year.* It’s up to you. And even saving a little each paycheck can really add up over time.

Will it take up a lot of my time to manage?

No. You can open an account online in just minutes, and after you’ve set up the direct deposit with the help of your employer, your contributions will be made automatically  each payday, so there’s nothing for you to do once the account is open. You can check your account online any time at

How much will I save and how much will I earn?

How much you save depends on how much you contribute each payday. The more you contribute, the more you’ll save, and your myRA investment will earn interest at the same rate as investments  in the government  securities fund available to federal employees. This fund has had an average annual return of 3.39% over the 10-year period from December 2003 to December 2013.

The maximum contribution to myRA is $5,500 per year (or $6,500 per year for individuals 50 years of age or older at the end of the year). You can have a maximum account balance of $15,000, or a lower balance for up to 30 years, and when either of those limits is reached, savings will be rolled over (transferred) into a private-sector Roth IRA.* At any time, you can choose to roll over your myRA into a private-sector Roth IRA where you can continue to grow your savings. The U.S. Treasury will be providing more information about rollover to the private sector.

Check out the retirement calculator on to see how much you can save based on different contribution amounts. It’s a good tool to help you decide how much to put into your myRA each payday.

Can I access my money if I need it?

Yes. You can withdraw the money you put into your myRA tax-free and without penalty, so it’s there if you need it. The money you earn on your investment will be taxed and may be subject to penalty if you withdraw it before you are eligible. You can withdraw the money you have earned without tax and penalty if your account has been open for five years and you are 59 ½ or meet certain other conditions, such as using the funds for the purchase of your first home.

What if I move jobs or have multiple jobs?

The account is not tied to your employer – so if you change jobs, the account stays with you. You’ll just need to have your new employer set up a direct deposit payment into your myRA account to keep saving. If you have multiple   jobs, you can ask each of your employers to direct part of your paycheck into your account.

How do I open an account?

myRA makes it easy to sign up and start saving. You can sign up today at no cost – it takes only minutes. There are three simple steps:

  1. Open your myRA online at

  2. Give a direct deposit authorization form to your employer

  3. Watch your savings grow – your contributions will be made automatically each payday

Is there anything I need to sign up?

Yes. Make sure to have these items ready when you open an account:

  • Social Security number

  • Driver’s license or state ID

  • Home address

  • The name, birthday and address of your beneficiary (the person you choose to inherit your myRA)

How will I keep track of my savings and know how much is in my account?

As soon as you sign up and create your account, you can track your account balance online at any time.

How do I learn more?

For more information on myRA, you can visit In addition, the myRA Customer Support Center is available to answer account maintenance questions and assist in creating accounts by phone at 855-406-6972 or TTY/TDD 855-408-6972 or International 1-414-365-9616.  You can also send an e-mail to

* Annual and lifetime contribution limits andannualearned income limits apply, as do conditions for tax-free withdrawal of earnings. Limits listed are for 2014 and may be adjusted annuallyfor cost-of-living increases. To learn about keyfeatures of a Roth IRA and for other requirements and details, see