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
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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.
