U.S. Treasury Launches myRA Program

From Neikirk, Mahoney & Smith, the U.S. Department of the Treasury has just released this information on their new myRA program. The myRA (my Retirement Account) program is designed to help bridge America's retirement savings gap. This program is much needed because many Americans aren't making a large effort to put money into a savings account. A Survey in October by GOBankingRates found that 62% of Americans Have Under $1,000 in Savings. Luckily myRA has arrived to help us out, a simple, safe and affordable new savings option for those who don’t have access to a retirement savings plan at work. People can get information about myRA and sign up for an account at myRA.gov.

The program is now available nationwide with multiple ways for people to start saving:

• Paycheck. Set up automatic direct deposit contributions to myRA through an employer.
• Checking or savings account. Now savers can fund a myRA account directly by setting up recurring or one-time contributions from a checking or savings account.
• Federal tax refund. At tax time, direct all or a portion of a federal tax refund to myRA.

For more information about myRA or to sign up for an account, visit myRA. gov. If you have any questions or concerns, contact Neikirk, Mahoney & Smith PLLC at 502-896-2999. You can also contact us through our website contact form.