Obama's New MyRA Plan Draws Advisors' Praise, Scorn

A joke, a good start or a breakthrough?

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Comments (14)
This money will go right into the general Treasury account. That's why he's doing it. Money will only go in during his term, there will be no money going out. Always follow the money.
Posted by mike s | Wednesday, January 29 2014 at 4:57PM ET
Increasing SS still would not offer the withdrawal privileges the President is proposing in this plan.

Payroll deducted Savings Bonds offer the same no-loss guarantees, albeit at slightly lower rates.

A payroll deducted savings account (liquidity) has even lower rates than savings bonds.

A low minimum investment, liquidity and riskless principal make a great combination of features not found in any other product or account type.
Posted by Richard S | Wednesday, January 29 2014 at 7:11PM ET
Now that Chinese have started to run out of money they won't be able to buy US Debt, so the plan is to sell the debt to Americans via MyRA plans. Except for providing a mirage of retirement, this plan won't do much of anything, especially allowing for withdrawal privileges without penalties. Need to buy a large screen TV - it is definitely an emergency because Superbowl is around the corner - where to get the money? MYRA!!! Soon there will be TV and Radio commercials encouraging people to pull money out from MyRA into every possible consumer products.

Why do we need so many plans - 401k, 403b, 457, DB, etc. etc. Can't all these plans be consolidated into a single plan. Can't people in this country take responsibility for their own well being? Is Government the answer for every problem?
Posted by Daven S | Wednesday, January 29 2014 at 9:57PM ET
This notion is recycled garbage; does the intended target market not have access to a car to drive to a local bank or brokerage firm to open an IRA? Not have access to a computer to open an IRA online? With record internet Christmas shopping this past year, seems the latter is the case?
The problem is NOT access! The problem is that the intended audience has spent their future, has no cash but plenty of debt, and is living paycheck to paycheck!
Posted by JOSEPH | Thursday, January 30 2014 at 7:13AM ET
This is a really dumb idea proposed and implemented by people who let their ideals and political expediency over rule common sense.

The poor, the truly low income, do not have the money to put into retirement accounts. These are the people who Social Security was created for. They will not use this plan.

The young have no business "investing" 100% of their savings in 30 yr govt bonds. None. They should not use this plan.

ANYONE can already start an IRA and contribute to it automatically. It's called an ACH. Maybe it doesn't come out of the paycheck, but it is still automatic. There are fund companies that will take as little as $25 per month.

The problem with Americans savings for retirement is not a problem of access...it is a problem of usage...to be blunt, for many it is a problem of confusing wants and needs.

This program does nothing to fix this.
Posted by Robert R | Thursday, January 30 2014 at 7:15AM ET
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