That's MyRA, not MyIRA: https://myra.treasury.gov/
It's nothing more than a low-cost alternative for people that don't have access to a 401(k) at work.
The investment option (US Treasury Bonds) isn't great, but it's better than a deposit savings account. And, after 30 years, or reaching a balance of $15,000, it's converted to a Roth IRA account, where the holder can invest in anything. Or, the holder can convert it to a Roth IRA at any time.
So, tell me: how exactly is this "confiscation"? If I had been able to do this with my Social Security contributions, I'd have about $1,000,000 today, tax-free. That's not a rough estimate: I've actually done the calculations, using the average annual rate of return by long-term US Treasury Bonds each year and reinvesting dividends along with my contributions.
It is my understanding that your “investment” will be in government bonds, no other choices.
When you die, the government keeps 1/2 of your funds, unlike an IRA or 401K where you can pass the entire amount on to your heirs.
Also, there was talk about giving us an IOU for the value of our retirement accounts on August 8, 2008, then they would take that, in our name, and invest it in the govt bonds.
Im not a financial whiz, but I don’t trust the govt one bit to watch out for my retirement funds. It will be a second generation Social Security piggy bank for them. They have proven untrustworthy.