MyRA accounts are a new type of government-backed starter retirement savings account, designed for people whose employers do not offer retirement accounts. As of now, anyone who has direct deposit for their paycheck can sign up and start saving. <\/p>\n
MyRA accounts are free to open and are sponsored by the government. Account holders can contribute directly from their paycheck. To qualify to open an account, an individual’s income must be less than $129,000, while a married couple’s household income must be less than $191,000.<\/p>\n
The accounts will be especially beneficial for people who work part-time and those who work at small businesses that do not offer retirement benefits. However, anyone can sign up for a myRA, even those who do have an employer-sponsored retirement plan. <\/p>\n
MyRAs are basically the same as Roth IRA accounts, in which after-tax dollars are invested so that earnings can be withdrawn without paying taxes in retirement. MyRAs (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" MyRA accounts are a new type of government-backed starter retirement savings account, designed for people whose employers do not offer retirement accounts. As of now, anyone who has direct deposit for their paycheck can sign up and start saving. MyRA…<\/span><\/p>\n