President Obama Introduces “MyRAs”

In last night’s State of the Union speech, President Obama announced his plans to create a new type of government-backed retirement account which he is calling “MyRA.”

The full details of the plan have yet to surface, but in broad strokes MyRAs would be retirement bonds that workers could invest in by contributing part of their wages. “MyRA guarantees a decent return with no risk of losing what you put in,” the president said, indicating that these accounts would offer some minimum guaranteed interest rate backed by government funds. The president stressed his desire to see more Americans saving proactively for their retirement, and sees MyRAs as a tool to achieve that goal.

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