September 30, 2015
As directed by President Obama on January 29, 2014 via a Presidential Memorandum (initially announced in his 2014 State of the Union Address), the Treasury Department has created the new myRA retirement accounts.
These new retirement accounts are designed to be starter retirement accounts for individuals who do not have access to, or are ineligible for an employer sponsored retirement savings plan. A myRA account is treated as a new type of Roth IRA and thus follows Roth IRA rules – which include eligibility being based on annual earned income.
Other things to know about a myRA account:
A myRA account can be opened at no cost via the Treasury Department’s myRA.gov website and by following the step-by-step instructions.
An individual can contribute to their myRA account in the following ways:
For more information see the following on the myRA website:
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