In the midst of what many economists call a “retirement crisis,” President Barack Obama took the occasion of his State of the Union address to propose a new retirement savings program involving employer payroll deductions and government-sponsored savings accounts.
The program would be known as MyRA (My Retirement Account), and it would enable workers who don’t have access to a 401(k) plan to set aside their own retirement dollars at work. It would be up to employers to manage such a program for their employees, and to the Treasury Department at the national level.
(Read my complete article at Think Advisor)
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