U.S. Treasury myRA

The U.S. Treasury announced the creation of a new retirement savings vehicle, myRA.  According to the blog post announcing this, myRA is a “retirement savings account for individuals looking for a simple, safe, and affordable way to save for their retirement. Over thirty percent of all American households have no retirement savings. myRA provides a way to start saving for retirement.”

MyRA is designed for those who don’t have an option for a retirement savings plan through their jobs.  There are some benefits to myRA:

• There’s no cost and no fees to open and maintain an account;

• The investment will not lose money;

• U.S. Treasury backs the investment;

• Account owners choose how much to save ($2, $20, $200 – whatever fits their budget);

• If account owners change jobs, the account stays with them; and

• Account owners can withdraw the money they put in without tax and penalty.

More information about the program is available from the myRA website, available here.