I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It's a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in. And if this Congress wants to help, work with me to fix an upside-down tax code that gives big tax breaks to help the wealthy save, but does little to nothing for middle-class Americans.
President Obama, State of the Union Address, January 28, 2014
In this installment of Investing 101, we take a deeper look into one of President Obama’s initiatives introduced at this year’s State of the Union Address, titled MyRA. Concerned that many workers across the country are not offered retirement savings plans through their employer, the White House hopes to encourage saving through the use of very low risk, modestly sized amounts to get the ball rolling.
“It’s best to think of MyRA as training wheels for savers,” says Chip Castille, Head of theRead More »from Investing 101: What ‘MyRA’ means for your retirement savings