Meet myRA: Obama offers IRA plan details

CNNMoney ^ | 29 Jan 2014 | Jennifer Liberto

[tcrlaf]

President Obama on Tuesday offered up a new kind of "starter" retirement accounts aimed at employees of companies that don't offer such plans.

Obama is calling them the "MyRA" and said he would, by executive order, direct the Treasury Department to create them. Details were scarce Tuesday night, but employees will be able to contribute part of their wages to the savings accounts, which would be backed by the U.S. government.

[ogen hal]

ALL of these criminal should be imprisoned. Justice will find them.

[EBH]

You are missing the obvious redistribution from those who have their own 401k.

Now, what I want to know is how this is any different than SS.

[floriduh voter]

REVERSE BANK HEIST.

[nascarnation]

SS gives a negative return for someone with a reasonably high salary thru his/her career.
This would appear to have a positive return.

[floriduh voter]

A life insurance policy but without beneficiaries.

[null and void]

Nut-job Conspiracy Theory Ping!

To get onto The Nut-job Conspiracy Theory Ping List you must threaten to report me to the Mods if I don't add you to the list...

[nascarnation]

Love it!

I’ll store that digital pic with my Bitcoin stash :-)

[Tzimisce]

If you like your IRA, you can keep it....

[Tzimisce]

...a government that is 17 trillion dollars in the hole is going to lecture us about how to save money???????????

[BunnySlippers]

Companies don;t have to “Offer IRAs”.

Any eligible person can sign up at a bank, savings and loan, etc.

[Tzimisce]

This is just a precursor to the government seizing everyone’s IRA....

[BunnySlippers]

The government already knows all. You 1099s tell the IRS where, when, how much.

[Ghost of SVR4]

If you like your IRA, you can keep it....

Now, now..Let's complete their sentence..

If you like your IRA, you can keep it....in MY.r.a.

[taildragger]

Treasury Direct already allows individuals to buy bonds directly from the government. All this does is remove the due date of the bonds and replace that with your age. There are also many mutual funds that are solely inflation-proof treasuries. I don’t see how Obama’s MyRA is any better than these.

Worse, you could partake in the various sharebuilder arrangements that allow you to by fractional shares on a regular basis for low cost if my memory is correct, and they are your dividend paying types that reinvest the divi's. The low information voters sad to say are clueless on these other options, just the way Obama and the NEA want it...

[Billthedrill]

This is just a precursor to the government seizing everyone’s IRA...

I'm not going to worry about that until they deny it. BTT

[familyop]

According to the fund managers and other financial experts, there’s no risk in the U.S. treasury and dollar.

;-)

[willywill]

if the us education system had done it’s job the last fifty years, this idea would have been laughed out of the room.

[edpc]

It’s more than that. Figure in the fed gas tax and other fees. It’ll sicken you how much you actually give them.

[Nifster]

He couldn’t even figure out how to say it...

And just for grins how is this different than an IRA????

[Gritty]

Where is the constitutional authority for the president to do this?

Picky, picky!

OK.

I just checked my copy of the Constitution but couldn't find anything in there about a President on his own setting up a public multi-trillion dollar "investment" fund and obligating government money via Treasury bonds or even obligate the personnel or establish the legal infrastructure to run it.

But maybe I missed something?

Oh, wait. Maybe I was looking in the wrong place? Perhaps I should consult a copy of the Soviet Constitution?

Let me check, but I doubt it is there, either...