MyRA

[Anonymous]

Thoughts on Obama's plan?

[Anonymous]

You go first.

[Anonymous]

Not the OP, but I'll go first. Seems like a great idea to set up a way for low-wage workers to start small building retirement savings. I don't see how someone opposes that. But Obama's plan relies on employers voluntarily agreeing to set up these accounts, so I imagine that could leave out a lot of workers.

[Anonymous]

Didn't he also make a point of suggesting that the supposed benefits of the MyRA is that there is no minimum to invest? He seems to be making the implication that there are minimums to invest in IRA's, which I don't believe is the case. One of the biggest things other than budgetary reasons preventing one from getting an IRA is motivation and will.

It was hilarious watching him try and say that, leads me to believe this is an idea that was hatched in the latter half of January 2014 and hasn't been talked about much in the West Wing.

[Anonymous]

its a joke - govt backed BS!

[Anonymous]

Once the FED stops buying treasuries someone else has to! It's going to be you and me through our MyRAs..

[Anonymous]

Anonymous wrote:Didn't he also make a point of suggesting that the supposed benefits of the MyRA is that there is no minimum to invest? He seems to be making the implication that there are minimums to invest in IRA's, which I don't believe is the case. One of the biggest things other than budgetary reasons preventing one from getting an IRA is motivation and will.

It was hilarious watching him try and say that, leads me to believe this is an idea that was hatched in the latter half of January 2014 and hasn't been talked about much in the West Wing.

According to the coverage I've read, banks typically do charge a minimum to get an IRA, typically in the $1,000-$2,500 range. The MyRA could be opened with $25.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Didn't he also make a point of suggesting that the supposed benefits of the MyRA is that there is no minimum to invest? He seems to be making the implication that there are minimums to invest in IRA's, which I don't believe is the case. One of the biggest things other than budgetary reasons preventing one from getting an IRA is motivation and will.

It was hilarious watching him try and say that, leads me to believe this is an idea that was hatched in the latter half of January 2014 and hasn't been talked about much in the West Wing.

According to the coverage I've read, banks typically do charge a minimum to get an IRA, typically in the $1,000-$2,500 range. The MyRA could be opened with $25.

It isn't as if a person cannot save up small amounts incrementally to reach a threshold. I did it starting out and still do for paying hoa dues, Christmas saving etc.
Anyway, agree with the PPs. Sounds like they scraped for content at the last second. Most unimpressive of our 'leadership.'

[Anonymous]

Awesome! Now I can snag another $15k worth of space in my ROTH!