According to a Federal Reserve report produced in 2013, more than 50% of Americans aged 55 years and older have no retirement savings. The U.S. Government hopes that by offering a free and simple retirement tool introducing retirement plans and programs to the public, the percentage of citizens without retirement savings will drop. Launched in November 2015, this savings program invests an individual's contributions in a new United States Treasury security. It's risk-free but with marginal rates. It's only a starter account to simply introduce and familiarize the public to investing and saving. The sooner you save and more you contribute, the more likely you and your family will be able to live comfortably during your retirement years. A retirement savings plan could pay for your daily expenses as well as financing a move to Florida, a cruise to Alaska, and a new hobby.
What are myRA's conditions? What do I need to provide to setup an account? Is this retirement plan tax-free? When can I access my contributions without penalty? If I change jobs, who's responsible for transferring my myRA account information to my new job? Learn More »