Beginning in late 2015, a new type of Roth Retirement Account, guaranteed by the government never to lose value, was offered to savers who earn less than $131,000 per year, individually, and less than $193,000 per year as a couple. The account, the purpose of which is to provide an easy way for people to start saving for their retirement, only has one investment option. This sole option is a Treasury savings bond with a variable interest rate which has averaged 3.19% over the past 10 years.

The interest on the bond is not taxed while in the account, and won’t be taxed at all if it is left in the account until the account holder reaches age 59 and a half. Individuals may contribute up to $5,500 year if under age 50, and $6,500 per year if age 50 and above.

Once the account balance reaches $15,000 or is 30 years old, the money will be transferred to a private sector Roth IRA. You can contribute to a myRA account with a direct deposit, either set up through your employer or from a checking or savings account, or you can direct that a portion of your tax refund be deposited into the account.

If you have any questions about Social Security and Retirement, it is recommended that you speak with experienced professional counsel to address your questions.