How Can You Begin Saving For Retirement If You Don't Have Access To A 401(K) At Work?


How can you begin saving for retirement if you don't have access to a 401(k) at work?

Millions of people don't have access to a retirement savings plan at work or find it difficult to get started with saving. Now it's easy to start saving for your future with myRA, a new retirement savings account from the United States Department of the Treasury.

myRA is designed to make saving for retirement easy for people who need it most – workers who don't have access to a retirement savings plan at their job or lack other options to save.

What is a myRA Account?

myRA (my retirement Account) is a Simple, Safe, and Affordable retirement savings account offered through the U.S. Department of the Treasury that helps make saving easy.  myRA is a Roth IRA that invests in a new U.S. Treasury retirement savings bond, which will not lose money.  The account costs nothing to open, has no fees, and doesn't require a minimum amount of savings.

Who can start a myRA?

myRA is designed for people without access to employer-sponsored retirement savings plans. It is not intended to replace existing retirement savings options that are offered through your employer. If you are eligible for an employer-sponsored plan, such as a 401(k) or a 403(b), saving for retirement in those accounts might include special incentives, such as an employer match or the option to make pre-tax contributions.   Before opening a myRA, be sure to review the retirement planning options available through your employer.

Is myRA a good option for me?

myRA offers a simple, safe, and affordable way to start saving for retirement. myRA could be a good option for you if:

  • You don't have access to a retirement savings plan through your work;
  • You have no other options available to start saving for retirement;
  • You find the cost of opening and maintaining a retirement savings account is too high; or
  • You are concerned about complicated investment options and losing money.

How can I start funding my account?

  • From your paycheck -You can set up an automatic direct deposit to your myRA with your employer.
  • From a checking or savings account – You can set up recurring or one-time contributions to your myRA from your bank or credit union savings or checking account.

From your federal tax refund – When you file your taxes, you can direct all or part of your federal tax refund to your myRA.

How much can I save with a myRA?

You can start funding your myRA by putting in (contributing) as little as a few dollars a month up to $5,500 per year (or $6,500 per year if you will be 50 years of age or older at the end of the year), but not more than your earned income. Money in your myRA continues to earn interest until your account reaches $15,000, or 30 years from the day you first funded the account (whichever comes first). Then the balance will be transferred to a private-sector Roth IRA, where you can continue to invest your savings and make additional contributions. You can also transfer or roll over your myRA to a private sector Roth IRA of your choice at any time.

Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of interest. To learn about key features of a Roth IRA and for other requirements and details, see

How is my money invested?

The money you put in your myRA account is invested in a U.S. Treasury savings bond, that safely earns interest at the same variable rate as investments in the Government Securities Fund for federal employees. These investments earned 2.04 percent in 2015 and had an average annual return of 2.94 percent over the ten-year period ending December 2015.  More performance information can be found on the Thrift Savings Plan website. Past performance is not a guarantee of or prediction of current or future performance.

Can I withdraw Money from myRA if I need it?

Yes, the money you have contributed to your myRA can be withdrawn at any time, tax free.  However, interest earned can only be withdrawn without tax and penalties under certain conditions. To learn more about the tax rules for Roth IRA's go here.

Where can I learn more or get started?

For any questions, go to or contact myRA customer support at 855-406-6972, TTY/TDD 855-408-6972, or International 1-414-365-9616.

Go Back