myRA (Legacy/Discontinued): Who Qualifies and What You Get

The myRA program was a retirement savings initiative designed to offer a low-risk way for individuals to build wealth for their later years. Because the program has been discontinued, it is no longer open for new enrollments and exists only for those who held accounts prior to the closure.

👤Who it's for

This scheme is specifically for former participants. If you have already established an account within the myRA framework, you are considered a participant in this legacy version of the program. It is not available for any new individuals looking to start saving through this specific government mechanism.

🎁What you get

Participants in this legacy scheme have access to low-risk retirement savings. These accounts were structured to provide a more stable way to grow funds compared to higher-volatility investment options, helping individuals build a financial safety net for retirement.

💰What it costs you

There is no cost to you to maintain your status or interact with the legacy aspects of the program. Because the program is officially closed to all new entrants, there are no enrollment fees or new participation costs associated with this discontinued scheme.

⚠️The catch to know

The most important detail for former participants to understand is that you cannot simply leave your funds sitting indefinitely in the old system. To properly manage your money and keep your savings intact for the long term, you must roll over your existing funds into a private Roth IRA. This move ensures your retirement savings remain accessible and properly managed in a modern financial environment.

📝How to apply

1. Confirm your status as a former participant with an existing account.
2. Determine the total amount of your low-risk retirement savings held in the program.
3. Select a private provider to open a new Roth IRA account.
4. Contact the necessary parties to facilitate the rollover of your funds from the legacy program to your new private account.