A. If you qualify, yes!
Income Restriction of myRA
If your annual income is $131,000 or more as a single, or $193,000 or more as married filing jointly, you cannot contribute to myRA.
Annual Contribution Limit of myRA
If you qualify, you can contribute $5,500 or $6,500 per year if you are age 50 or older.
Benefits of myRA
1. No fees. myRA does not charge you anything.
2. No risks. The money you invested in a myRA account is backed by the federal government, and will earn the same interest rate that is available to federal employees in the Thrift Savings Plan Government Securities Fund, which earned 2.31% in 2014 and an average of 3.19% over the past decade.
3. No minimums. You can contribute whatever amount that fits you, as long as it's within the annual contribution limit.
4. No penalty. You can take out your contributions tax-free and without penalty at anytime, just like a Roth IRA.
Limitation of myRA
Low ceiling of $15,000, once you hit the ceiling, you can no longer contribute. This makes myRA a great place to park emergency fund.