Here’s a new type of retirement savings account referred to in Obama’s State of the Union address, called the ‘myRA’ (my Retirement Account):
- Creating “myRA” — A Safe, Easy-to-Use Starter Savings Account to Help Millions of Middle Class Americans Save for Retirement.
- Starting to save is just the first step towards a secure retirement.
- Workers must have a place to invest their hard-earned savings that provides an appropriate balance of risk and return, and many private sector providers do not offer retirement savings options tailored to smaller balance savers.
- Our retirement system should help these potential savers and encourage them to begin building their retirement security.
- The President is using his executive authority to create “myRA” (my Retirement Account) — a new simple, safe and affordable “starter” retirement savings account that will be available through employers and help millions of Americans save for retirement.
- This savings account would be offered through a familiar Roth IRA Account and, like savings bonds, would be backed by the U.S. government.
