The myRA: A New Simplified Roth IRA is the Latest Retirement Plan

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If you have not yet begun saving for retirement, a myRA may be a reason to start. “myRA” is an acronym for “my Retirement Account.”

​Some advantages to myRAs are that they:

• Cost nothing to open
• Have no fees
• Let you start saving with any amount that fits your budget
• Can be opened even if you have other retirement accounts
• Belong entirely to you and can be moved to any new employer that offers direct deposit capability

myRAs generally follow Roth IRA rules. That means the maximum contribution for 2015 and 2016 is $5,500 ($6,500 when you’re over age 50).

Contributions to your myRA are invested in a U.S. Treasury savings bond. The balance in your account earns interest and is guaranteed to retain its value.

The Department of the Treasury recently added new ways to fund myRAs. As before, you can choose to fund your account from your paycheck by completing a direct deposit authorization form and giving it to your employer.

In addition, you now also have the option of making direct deposits from a checking or savings account or from your federal income tax refund.
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To learn more about myRAs and/or to see if one would be a good fit for you, please contact your financial advisor.

​This is general information and should not be acted upon without first determining its application to your specific situation. Please contact your CPA or tax advisor for additional details.