SIOUX FALLS, S.D., Jan. 29, 2014 /PRNewswire/ -- During Tuesday night's State of the Union address, President Obama opened the discussion for the need to improve retirement savings in America when he outlined a program aimed at employees of companies that don't currently offer retirement plans. The plan is called "MyRA," and the President is directing the Treasury Department to create this "new" retirement savings vehicle.
However, MyRA is not a new concept within the retirement marketplace. MyRA was actually created five years ago and is the keynote product for The Kingdom Trust Company. Currently, Kingdom Trust Company and the MyRA self-directed IRA are serving thousands of Americans in all 50 states. Kingdom's vision of improving the retirement opportunity in America was solidified by the President's words on Tuesday night.
"When I first heard the President say it, I wasn't quite sure what he said," said Doug Lawson, the President and CEO of Kingdom Trust. "Then I replayed his remarks and confirmed that he actually said, 'MyRA', and I realized that he was using our product name to deliver a message emphasizing long-term safety and portfolio growth, much like we do every day.
"Details of the President's version of MyRA are not known yet, but we are encouraged by the direction of his words," said Lawson. "We are committed to assisting in increasing the savings opportunities for all Americans."
Kingdom Trust's 'MyRA' accounts also encourage building a nest egg for retirement, but with much more diversity and individual control. Since the self-directed IRA emerged almost 40 years ago, individuals have been able to invest in numerous types of assets besides the traditional stocks, bonds and mutual funds.
"The self-directed IRA may be the greatest generational wealth building tool ever created," Lawson explained. "It offers true portfolio diversification and opens up opportunities into asset classes that are not available through traditional avenues. But to be truly successful it requires a proper custodian, and an informed and educated investor."
- Retirement Benefits
- President Obama