What’s all the fuss about myRA accounts?
by. Chris Kissell
Millions of Americans have no access to a retirement plan at their workplace. In fact, about 45% of U.S. households do not have any retirement account assets at all, according to a 2013 report from the National Institute on Retirement Security.
President Barack Obama took aim at the problem in his recent State of the Union speech when he announced a new retirement plan: the myRA account.
The White House characterizes the myRA as a “starter retirement savings account” for the millions of Americans who do not currently have a retirement savings option at work.
Aside from its quirky name (it rhymes with “IRA”), the new savings effort has sparked debate about whether it can help reverse America’s retirement savings crisis.continue reading »