Articles: And Now...Introducing the myRA
The myRA, a new type of retirement saving vehicle, is expected to make its debut this year. It is targeted mainly to young people and those who have not saved enough for the future.
The myRA resembles a Roth IRA and allows for future tax- free payouts. However, unlike a Roth IRA, an account can be opened with as little as $25. Caveat: When a myRA account balance reaches $15,000, it must be rolled over into a private sector account.Depending on your situation, this may be used to supple- ment other savings options, but it is not expected to have the same impact as Roths.