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Obama to launch government-backed retirement savings program
(Reuters) - The Obama administration is scheduled on Wednesday to launch a retirement savings vehicle called "myRA," aimed at enrolling more Americans in a government-backed investment option.
In details provided by the White House on Wednesday, the retirement savings proposal would be similar to a Roth Individual Retirement Account, but with holdings backed by the U.S. government like savings bonds.
"MyRA guarantees a decent return with no risk of losing what you put in," President Barack Obama said in introducing the program on Tuesday night in his State of the Union Speech.
Those accounts would be available to households earning no more than $191,000 a year. Businesses will need to register in the pilot program by the end of the year for their employees to participate voluntarily.
Investors would earn a variable interest rate equal to the Thrift Savings Plan, or TSP, which is available to federal employees. Contributions could be withdrawn tax-free at any time.
Initial investments could be as low as $25, and contributions as small as $5 could be made through payroll deductions.
Participants could save up to $15,000, for a maximum of 30 years, in their accounts before transferring their balances to a private-sector Roth IRA.
About half of all workers and 75 percent of part-time workers lack access to employer-sponsored retirement plans, the White House said.
SOURCE: http://www.reuters.com/article/2014/01/29/us-usa-obama-retirement-savings-idUSBREA0S0Q020140129
In details provided by the White House on Wednesday, the retirement savings proposal would be similar to a Roth Individual Retirement Account, but with holdings backed by the U.S. government like savings bonds.
"MyRA guarantees a decent return with no risk of losing what you put in," President Barack Obama said in introducing the program on Tuesday night in his State of the Union Speech.
Those accounts would be available to households earning no more than $191,000 a year. Businesses will need to register in the pilot program by the end of the year for their employees to participate voluntarily.
Investors would earn a variable interest rate equal to the Thrift Savings Plan, or TSP, which is available to federal employees. Contributions could be withdrawn tax-free at any time.
Initial investments could be as low as $25, and contributions as small as $5 could be made through payroll deductions.
Participants could save up to $15,000, for a maximum of 30 years, in their accounts before transferring their balances to a private-sector Roth IRA.
About half of all workers and 75 percent of part-time workers lack access to employer-sponsored retirement plans, the White House said.
SOURCE: http://www.reuters.com/article/2014/01/29/us-usa-obama-retirement-savings-idUSBREA0S0Q020140129
What a friggin joke!! Current thrift savings interest rate is about 2.75%.Historical inflation rate is about 4% --you do the math
https://www.tsp.gov/whatsnew/rates/annuityRateIndex.shtml
https://www.tsp.gov/whatsnew/rates/annuityRateIndex.shtml
He look!
Another program for the gov't rape & pillage!!!
A note to anyone that invests in this program: Don't expect there to be anything there when you go to take it out.
Not saying it's not a good idea IN THEORY, but just as the gov't raided Social-Security, so will they raid "myRA".
Make it Constitutionally ILLEGAL for the gov't to "withdraw" funds from the program, and then I might think about getting on board.
Both Republican & Democrat administrations are responsible for stealing from the American people... this is just another program designed to take your money away from you and apply it to the "greater good".
Another program for the gov't rape & pillage!!!
A note to anyone that invests in this program: Don't expect there to be anything there when you go to take it out.
Not saying it's not a good idea IN THEORY, but just as the gov't raided Social-Security, so will they raid "myRA".
Make it Constitutionally ILLEGAL for the gov't to "withdraw" funds from the program, and then I might think about getting on board.
Both Republican & Democrat administrations are responsible for stealing from the American people... this is just another program designed to take your money away from you and apply it to the "greater good".
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