What is MyRA?

What is MyRA?

Obama talked about MyRA during his State of the Union speech, but what is MyRA?

MyRA is a new type of investment aimed at the lower class, and is designed to help them save for their retirement. In other words, it is Social Security 2.0!

What is MyRA?

  • A new kind of savings bond: Don’t expect to get rich off of this. It will be based off the same type of fund offered federal employee’s that averaged 1-2% return.
  • Easy to fund: You won’t pay any fees. You can start your MyRA with as little as $25 with a monthly minimum of $5.
  • Beware the caps: It will be available to anyone with an annual income of $191,000 or less. Once you have saved $15,000 in your MyRA, it will roll over to a private-sector Roth IRA.
  • After-Tax funded: It will be structured like a Roth IRA account. Which means that the money you put in will already have been taxed.

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