Get answers to frequently asked questions
Maryland’s new state-sponsored retirement savings program is open right now. It was created to help nearly one million Marylanders who work but don’t have access to employer-sponsored retirement plans. We understand you’ll have questions. Here are the answers to some frequently asked questions. If you have additional questions, we’re here to help.
- Account Access
- Contributions
- Eligibility
- Employer Registration
- Fees and Costs
- General
- Investments
- Linking Bank Accounts
- Saver's Credit
- Security
- Tax Forms
- Withdrawals
- If my income comes from Social Security or something besides a paycheck, can I still join MarylandSaves?
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No, to qualify for any IRA under IRS regulations you need earned income.
- Are there income limits to participate in MarylandSaves?
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Yes. Most individuals who earn more than $144,000 per year aren’t legally allowed to contribute to Roth IRA accounts (the legal form of MarylandSaves WorkLife Accounts). If an individual’s income is between $129,000 and $144,000 the maximum annual contribution is reduced. If you want to make sure you can contribute, refer to this publication from the IRS to help you calculate your Modified Adjusted Gross Income (MAGI). Your MAGI will determine how much you are able to contribute to your Roth IRA account.
- I’m self-employed. Can I set up my own MarylandSaves account?
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Yes, if you are 18 or older, have earned income, work in Maryland, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up.
- What are the opt-out and opt-in rules for MarylandSaves?
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You can opt out at any time online, by calling 1-833-811-7438, or by mailing in a completed Opt-Out Form to the program. And you can always rejoin at any time by notifying your employer that you would like to start contributing to your account again.
- Could joining MarylandSaves impact my eligibility for college financial aid?
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Generally, not while your money stays in your account. Withdrawals from IRAs can affect financial aid for the year following the withdrawal but in general retirement accounts are not counted towards federal financial aid. Of course, to be sure, you can consult with a tax expert, financial advisor, or your financial aid office.
- Could joining MarylandSaves impact my eligibility for federal programs like SNAP or TANF?
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In general, qualified retirement accounts are not counted as assets against a person's eligibility. For more information, check with your benefits office.
- Is there a minimum age to participate in the program?
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Yes, the minimum age to enroll in MarylandSaves is 18.