So Money - Episode 468

Richard Ludlow

Executive Director of myRA Program

How do you save for retirement if you don’t have a lot of money and your employer doesn’t offer a retirement plan like a 401(k)? Today’s guest, Richard Ludlow, is the Executive Director of the myRA program within the U.S. Department of Treasury and he’s here to share more about the program and how it can serve millions of Americans.

myRA is a relatively new retirement savings account from the U.S. Department of Treasury that has no fees, no minimum contributions and aims to lower barriers to saving for workers with no access to a workplace retirement plan.

Richard has experience as a founder and executive in Silicon Valley where he managed the launch and growth of new initiatives in both the education and healthcare sectors. He’s a graduate of Yale University and the Harvard Business School.

More Info about myRA:
  • myRA was announced by the President during 2014 State of the Union, launched to all American workers in November 2015.
  • It’s a starter retirement savings account, meant to lower barriers to saving for workers who don’t have access to a workplace retirement plan and who haven’t begun saving for retirement in any other way.
  • There are no fees, no minimum contributions and no risk of losing money – it’s easy and transparent to sign up in minutes online. The account is portable from job to job or for those who work multiple part-time jobs.
  • Savers can save as little or as much as they want each paycheck via direct deposit or automatic transfers from an existing checking or savings account.
  • If a financial emergency arises, principal can be withdrawn from myRA without tax and penalty.
  • myRA safely earns interest at a modest rate (1.75% during May 2016) and are subject to Roth IRA contribution guidelines. Once the balance reaches $15,000 (or after 30 years), savers must roll their account into a private-sector product.
If you’d like to learn more about myRA visit or follow them on Twitter @myRA_gov.

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