myRA: A New Way To Save for Retirement
Author: Shannon R. Smithers
Topic: Asset building and saving
Publisher: Federal Reserve Bank of St. Louis
Location: United States
Format: Guide
Content Type: Tools
Publication Date: January 31, 2016
The U.S. Department of the Treasury has unveiled its latest savings tool. “my Retirement Account”—myRA for short—is a retirement savings account designed for individuals who may not have access to a saving plan through their employers. It costs nothing to open a myRA account, and there are no fees, no minimum balance, and no contribution requirements. In addition to being free of fees, a myRA account carries no risk of losing money and is backed by the U.S. Treasury (https://myra.gov/how-it-works/).
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