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WIPA Q&A Tips – Day 8 Page Image

WIPA Q&A Tips – Day 8

October 8 – What is myRA?

 

Question:  I’m working with a Social Security Disability Insurance (SSDI) beneficiary who would like to begin saving for retirement.   This person has been doing some research and mentioned a new retirement savings option called myRA.  What is that?

Answer:  The United States Department of Treasury developed myRA to remove common barriers to savings and help people take the first step toward a more secure retirement.  myRA is a retirement savings option for worker who don’t have access to a retirement savings plan at their job or lack other options for saving.  If a person already has access to a retirement savings plan, such as a 401(k), he or she should learn more about that plan because it might offer matching contributions and other benefits.

myRA has no start-up cost, no fees, and no minimum contribution requirement, so a person can contribute the amount that best fits their budget.  This account falls under the category of a Roth Individual Retirement Account (IRA).  A person can contribute to their myRA account with as little as a few dollars a month, generally up to $5,500 per year (or $6,500 per year for those age 50 and over).

It’s important to note that this type of retirement account is a countable resource for most financial need-based programs, such as Supplemental Security Income (SSI).

References:
United States Department of Treasury myRA website: https://myra.gov

Would you like to find out more about WIPA and your benefits? Contact your statewide WIPA Program-Project 20/20 if you have questions like our Daily Tips or want to learn more about working while receiving social security disability benefits. Call our North Augusta office at 803-279-9611 or the Ticket to Work Helpline at 1-866-968-7842. You can also complete a Contact Us or Self-referral Form.

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