Why MyFreeIRA
Retirement saving that survives a job change.
A workplace IRA is the employee’s own account from the first day. That single difference removes most of the friction people hit when work changes.
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See what a paycheck deduction becomes
Run your own numbers in the calculator — thirty seconds, no signup.
The problem with leaving a job
When someone leaves an employer, a plan-based balance has to be dealt with: left behind, rolled over, or cashed out. Each route takes paperwork, and the third one costs the saver taxes and a penalty.
Small balances are the most likely to be abandoned, and small balances are exactly what a first job produces.
What a workplace IRA changes
- The account is opened in the employee’s name from the start
- No rollover is needed when work changes — there is nothing to move
- The employer administers payroll, not the account
- Contributions continue if the next employer participates, and stop cleanly if not
What the employer gets
No plan document, no annual filing, no investment menu to select, no participant recordkeeping, and no cost to administer. The employer’s role is eligibility and payroll deduction.
MyFreeIRA is designed as a payroll-deduction IRA arrangement rather than an employer-sponsored plan. The employer does not endorse the provider or the investments, and does not receive compensation from the arrangement.
What it does not do
A workplace IRA is not a 401(k). Contribution limits are lower, there is no loan feature, and there is no employer match inside the IRA itself. If a business needs higher limits or a match, a 401(k) or SIMPLE plan is the better instrument — and we will say so.