U.S. Treasury Starts Nationwide myRA Retirement Savings Planby
Program aimed at employees lacking retirement plans at work
Treasury previously ran a pilot of the savings program
The U.S. Treasury is starting a nationwide "myRa" retirement plan geared at Americans who don’t have access to such a savings plan at work.
The plan will be available for those earning a single income below $131,000 a year or $193,000 for married couples, Treasury said Wednesday.
“MyRA is designed to remove common barriers to saving, and give people an
easy way to get started,” said U.S. Treasury Secretary Jacob J. Lew in an e-mailed statement. “MyRA has no fees, no risk of losing money and no minimum balance or contribution requirements.”
Savers can contribute as little as a few dollars to as much as $5,500 per year, the Treasury said. The department previously ran a pilot of the program.