BY Meaghan Kilroy, Crain News Service
WASHINGTON (Nov. 5, 2015) — More Americans will have access to a retirement savings account under the Treasury Department's expanded myRA program.
MyRA — short for My Retirement Account — was launched in 2014 on a trial basis.
With the trial phase now concluded, the program is available nationwide with new funding options.
The expanded myRA aims to help workers with an annual income below $131,000 or $193,000 if married and filing taxes jointly, save by deducting a portion of their paycheck, checking or savings account or federal tax refund, to be invested in Treasury securities.
“As myRA account holders grow their savings, they have the option to transfer to a private-sector Roth IRA with diverse investment options at any time, or transfer to a private-sector Roth IRA once they reach the maximum myRA balance of $15,000,” said a news release from the Treasury Department.