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Last Updated March 12, 2016

A my retirement account (myRA), is a type of Roth IRA.

With a few exceptions, the myRA bears features that are identical to a Roth IRA .

Features of a myRA include the following:

  • Contributions are limited to the lesser of 100% of eligible compensation, or the IRA contribution limit that is in effect for the year.
  • Qualified distributions myRAs are tax-free and penalty free.
  • Nonqualified distributions are subject to the ordering rule. This ordering rule determines if and how much of a distribution is subject to income tax and or the 10% early distribution penalty.

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Additional features include the following:

  • There are no fees for opening or maintaining a myRA
  • ·         There is no minimum on contribution amounts
  • ·         There is no minimum balance to maintain
  • ·         Investments are back by the U.S. Treasury