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 ...
Like tying it to your ObamaCare Plan ...
btw, wouldn’t inflation have to exceed the rate of return of these bonds by definition? wouldn’t that just drive inflation thru the roof??
brilliant
/s
I understand that mac daddy wanted to become a used car salesman but they didn’t want him to ruin their image with his lies.
The people he is trying to scam/help can open Roth IRA's at their local bank or with companies like Vanguard or Fidelity. If they haven't taken advantage of what is available now, I can't see great numbers buying into this new program.
I predict this will eventually become compulsory, as will a “mandate” to purchase life insurance with the government as beneficiary.
Oh yes. Trust this government, that has 100 Trillion in unfunded obligations, to keep your money for you. This is insulting.
How else are they going to pay down those unfunded pensions.
He misspoke ... he really means "MyRA guarantees a decent return with no risk of losing what someone else will put in for you."
Sounds like the old iron-clad lockbox trick again. :(
Hello, FINRA and SEC?! Where are you?
...and your religion, and your political party, and your donations to a certain candidate. Fraud-a-licious this is.
I’m leery of having my money in a private fund where I can’t liquidate it real-time if need be.
You’d have to be insane to pump your money into a Government Fund. At the drop of a hat, he could freeze, limit or require permission to withdraw anything.
It’d be like Germany expecting the Federal Reserve to ‘hold’ its gold for them and try to get it back (actually going on now).
A “government-backed “retirement savings program”. LOL! Obama’s idea? I wouldn’t go anywhere near that mess.
It will be as successful as his health plan - DieRA.
It would be illegal for any fund prospectus to say this. It is impossible to guarantee a return and promise no risk.
Oh FINALLY, an retirment vehicle that allows a person to purchase bonds. Oh wait, haven’t those been around for over 200 years?
Kind of. In 2010 the government started automatically enrolling new employees in the TSP with a 3% deduction allocated to the G Fund. Current participants had no changes made to their funds and nothing stops an employe from changing the allocation or dropping out completely.
Lots of private companies do the same thing, automatically enrolling employees into a stable value fund of their 401k, as 401k rules become very restrictive for high earners if not enough employees participate.
It’s a government confiscation/redistribution program.
Q: So guaranteed, no loss of principle. How does that work?
A: Inflation. You get back your dollars, after the government has squeezed most of the value out of them.
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