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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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