Obama Administration Announces Plan for “Starter” Retirement Accounts

In his State of the Union address on January 28, President Obama announced that he will use his executive authority to direct the Treasury Department to create “myRA”, a starter retirement savings account program.

According to White House Fact Sheet, a myRA will be available to individuals who do not have access to workplace retirement plans with household incomes of up to $191,000 annually.  Participants may save up to $15,000, or for a maximum of 30 years, in their accounts before transferring the accounts to a private sector Roth IRA.  Amounts in a myRA will be invested in government savings bonds and will benefit from principal protection so the principal investment will not go down in value. Read More ›

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