Posted on 01/29/2014 3:12:07 AM PST by Red in Blue PA
WASHINGTON, Jan 29 (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.
(Excerpt) Read more at finance.yahoo.com ...
Limited to family earnings of under $191k annually.
It seems like just a few years ago the President defined wealthy as those families making over $250k/yr. Now it’s down to $191k/yr. That’s quite a decline!
With government benefits available now for families making up to ~$50k/yr that middle ground is getting pretty slim.
Obama sure has his priorities screwed up. Shouldn’t people get jobs first, then start thinking about saving for their retirement?
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