"Obama To Create New Kind Of Retirement Savings Account Called A 'myRA'"

[applegrove]

Obama To Create New Kind Of Retirement Savings Account Called A 'myRA'

by Joe Weisenthal at Business Insider

http://www.businessinsider.com/myra-2014-1

"SNIP.......................................

This is from The White House's State Of The Union fact sheet:

Creating “myRA” – A Safe, Easy-to-Use Starter Savings Account to Help Millions of Middle
Class Americans Save for Retirement. Starting to save is just the first step towards a secure
retirement. Workers must have a place to invest their hard-earned savings that provides an appropriate
balance of risk and return, and many private sector providers do not offer retirement savings options
tailored to smaller balance savers. Our retirement system should help these potential savers and
encourage them to begin building their retirement security. The President is using his executive
authority to create “myRA” (my Retirement Account) – a new simple, safe and affordable “starter”
retirement savings account that will be available through employers and help millions of Americans
save for retirement. This savings account would be offered through a familiar Roth IRA Account and,
like savings bonds, would be backed by the U.S. government.

....................................SNIP"

[GoneFishin]

1. Deferring taxes on savings interest rates of 0.05% is not really going to help much.

If he wants to help people save money, stop lending money to the banksters for free when they are lending it out at 29%.

That single scam directly sucks money out the pockets of the 99% and directly into the wallets of the 1%.

[villager]

7. +1

"Follow the money," indeed...

[MannyGoldstein]

2. This could be cool if it were administered through the Post Office

But it'll be through Jamie, Lloyd and that crowd, I suspect.

[applegrove]

4. I hope the Democrats go the cool way.

[liberal_at_heart]

3. Sad. Just sad. How about fighting for a living wage? How about fighting for pensions?

How about fighting for unions? How about fighting for an increase in federal spending for Social Security? A personal retirement account. Typical corporate answer.

[hfojvt]

5. What's next then?

Fighting for ponies?

No, what this country needs is a way for minimum wage workers to save 15 cents a week towards their retirement account. Then, at today's awesome interest rates. Why in a mere 360 years they will have an account worth $8,438.17 and they will be able to retire in STYLE.

Heck. Not just style.

Gangnam style.

[exboyfil]

6. We already have IRAs and 401ks

Regular and Roth. This is pathetic. We keep layering on programs that do not address the fundamental issues. Low wages mean that many will not be able to save for retirement. Social Security will be it.

[KentuckyWoman]

8. SOTU written by The Onion. He should fire whoever came up with that

We already have IRAs but most people took big pay cuts and can't find so much as a dime to put in it.

Unbelievably tone deaf.

[JaneyVee]

9. This could be good for small biz employees.

[1000words]

10. Hahahahahahahaha! ...

[sabrina 1]

11. We have a Retirement Account, it's called Social Security. This sounds like the Heritage Foundation'

idea to replace SS 'private savings acocunts' that can be 'invested in Wall St'. No thanks.

They failed to do it before, this sounds like a stealth way to get Democrats on board.