President Obama Signs Presidential Memorandum Directing Treasury to Create myRA
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Millions of Americans lack access to workplace retirement savings plans – usually the most effective and generous means of saving for retirement. About half of all workers and 75 percent of part-time workers lack access to employer-sponsored retirement plans. As President Obama noted in the State of the Union last night, “most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks.”
That is why at today’s event in Pennsylvania, the President signed a Presidential Memorandum directing the Department of Treasury to create “myRA” – a new simple, safe and affordable “starter” retirement savings account that will be initially offered through employers and will ultimately help low and moderate income Americans save for retirement. This retirement savings account would be offered through a familiar Roth IRA Account and, like savings bonds, would be backed by the U.S. Government.
Click here for more details about myRA: White House Fact Sheet: Opportunity for All: Securing a Dignified Retirement for All Americans
Anthony Reyes is the New Media Specialist at the United States Department of the Treasury.
