President Obama’s speech this year was typical. He didn’t have much to say and spent a lot of time saying it. Even Michelle wished she were somewhere else. He announced that he would create a new savings account to be called MyRA, pronounced like the girl’s name, to encourage low-income Americans to set aside a little money for their retirement. An individual can put as little as $5 into the account, after that money has been taxed. On retirement, that $5 can be withdrawn tax-free. That’s a lot like the Roth IRA, already available. The difference is that over 30 years all that can be put into the account is capped at $15,000. That’s not much of a retirement. Unlike a Roth IRA, Mr. Obama won’t allow these modest funds to have a return greater than that of the Government Securities Investment Fund, one of the options available to federal employees in their 401(k) retirement plans. A GIMMICK OR A RIP-OFF.....YOU DECIDE! Read more:
Posted on: Mon, 03 Feb 2014 16:25:19 +0000
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