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.

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 myRA.treasury.gov
  2. Give a direct deposit authorization form to your employer
  3. Watch your savings grow – your contributions will be made automatically each payday.

For more information on myRA, you can visit myRA.treasury.gov.

For help with this or any income tax question call one of our offices:
Plymouth 734.454.4100,            Allen Park 313.388.7180,
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