What is a myRA Account?

By: Garrett Wymer Email
By: Garrett Wymer Email

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STAUNTON, Va. (WHSV) -- During his State of the Union address, President Obama announced a new government-backed retirement account, called myRA.

"It's a new savings bond that encourages people to build a nest egg," as President Obama described it during his State of the Union address.

Tim Huerth, an associate financial planner with The Henderson Group in Staunton said you can open one with as little as $25.

After that, you can add amounts as small as $5 at a time; much less than you can to a traditional IRA.

What makes it a safe investment option is that you cannot lose the money in the account.

"This isn't something that's going to have high returns, it's not something you'll want to stay in for multiple years, but if you want to go ahead and get started, build that nest egg to hopefully open up a private-sector Roth IRA, which can see not only higher returns, but something you want to be in for 20 years, I think it's a great start," said Huerth.

The maximum amount you can have in a myRA plan is $15,000.

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