Saving plans have always been there to help government officials to make their post-retirement lives a lot better than they would otherwise be. myRA has been the latest addition to the retirement plans of the country and it has been backed and supported by President Obama. Several barriers that would ideally be present on retirement seeking officials are now set to be removed. There is no fee, no hidden costs and nothing that could be considered a risk in this regard and it’s something that is just perfect for everyone.
myRA and all that you need to know:
Here are some of the questions that you might have mind regarding the program that everybody is talking about:
- Are you eligible?
If you have a salary that is less than 131 thousand a year or couples that earn under 193 thousand a year can register for this program.
- How much money would be needed to open an account?
This is the best part about the account. You don’t need a single penny to open an account. What you will need though will be a U.S. passport, a state identification number and a driver license as well.
- Is myRA risky?
The plan will most certainly not lose you any money because it comprises only of the funds that are constituted by the US government.
- What is the interest rate?
You will be given a different interest rate every month. A ten year tenure ended last December and the average amounted to around 3.2 percent annual interest rate.
- Is this going to be enough?
No. This plan can’t be relied upon completely. This is although a great way to start your retirement savings.
It can be said without a doubt that this president backed plan is the most transparent that a retiree can get in the country these days.
