1/30/2014 – Obama Starter Retirement Plan Lacks Many 401(k) Features: Taxes (Bloomberg)

President Barack Obama’s new retirement accounts lack the most popular features of 401(k) plans. They offer no matching contributions, no prospect for eye-popping returns and no track record of employer support.

Obama’s plan also relies on low-income workers being willing to do something they often can’t — set aside money in savings when they have immediate needs.

As Obama took to the road to promote the accounts this week, investors, bankers and financial planners questioned whether the accounts would achieve what Obama wants: building a retirement safety net for millions of people who aren’t saving.

Read the full article at Bloomberg.