myRAs generally follow Roth IRA rules. That means the maximum contribution for 2015 and 2016 is $5,500 ($6,500 when you’re over age 50). Contributions to your myRA are invested in a U.S. Treasury savings bond. The balance in your account earns interest and is guaranteed to retain its value.
The Department of the Treasury recently added new ways to fund myRAs. As before, you can choose to fund your account from your paycheck by completing a direct deposit authorization form and giving it to your employer. And now you also have the option of making direct deposits from a checking or savings account or from your federal income tax refund.
To learn more about myRAs, please contact us.