myRAteam is the social network for those living with rheumatoid arthritis. It provides a platform to connect with others who share similar experiences, offering emotional support, practical advice, and insights on managing treatment or therapies for rheumatoid arthritis. myRAteam is unique in its ability to foster real friendships and share the daily ups and downs in a judgment-free environment.
The U.S. Treasury Department introduced myRA, a retirement savings account designed for individuals seeking a straightforward, safe, and affordable way to save for retirement. Recognizing that over thirty percent of American households lack retirement savings, myRA offers a solution for those beginning their savings journey. Especially beneficial for people who don’t have access to other retirement saving plans, myRA allows savers to contribute as little as a few dollars up to $5,500 per year, or $6,500 for those 50 years or older. Contributions to myRA accounts can be withdrawn tax-free and without penalty at any time, following Roth IRA requirements.
However, it’s important to note that the myRA program, which started in December 2014, was phased out in September 2018. All open myRA accounts were closed, and the balances were transferred to new Roth IRAs at Retirement Clearinghouse LLC (RCH), a private sector IRA provider. Despite its phase-out, myRA served as a valuable “starter” savings account, allowing individuals to save up to $15,000 post-tax, fostering confidence in their ability to save and make informed financial decisions before transitioning to a traditional or Roth IRA.
Eligibility for the Saver’s Credit is another aspect of myRA, a Roth IRA that enables eligible tax filers to claim this credit while saving for retirement. For 2015, the income thresholds for claiming the Saver’s Tax Credit were $61,000 if married filing jointly, $45,750 if head of household, and $30,500 if single.
H&R Block describes myRA as a new retirement plan provided by the U.S. Treasury, designed for individuals without access to other retirement savings plans or those seeking additional options. The myRA retirement plan offers a simple path to start saving for the future.
In a significant move, the Treasury Department announced the end of the myRA program, an initiative launched during the Obama administration to help Americans kickstart their retirement savings. After approximately three years, the program was discontinued.
For more information on myRAteam and myRA, visit the following resources:
myRAteam Social Network
U.S. Treasury’s New Retirement Savings Option
myRA — TreasuryDirect
What Is myRA
New Retirement Account
myRA Retirement Plan | H&R Block
Treasury ends myRA Program
