I say go for it. Only those dumb enough to participate will.
On first blush, the whole myRA scheme looks like Obama pretending to do something, albeit very small. The downside will mostly be wasted cost for maladministration by regime cronies.
Unfortunately, whenever the gubmint starts a program, it attains eternal life. Once established and shown to be a comprehensive failure, the next step will be a new entitlement, wherein others (i.e., taxpayers or employers) will be required to fund the accounts. Then to allow “fairer access to capital”, myRA account holders will be allowed to “borrow” against their future savings. When they get to retirement age and have already spent far more than they saved, that will be an unfair result — possibly with racial disparities — so the public will have to “replace” the money the account-holders took out.
This is all semi-satirical, but especially with Elizabeth Warren casting about for a financial mission for the Post Office, I say kill it before it grows.