11/4/2015 – Can myRa bring retirement planning to the masses? (Reuters)

The United States needs a sleek new vehicle for workplace retirement saving – something that covers the millions of workers who do not have a 401(k) or traditional pension. But on Wednesday, the White House rolled out a kid’s bike with training wheels instead, otherwise known as the myRA. The U.S Treasury has been beta-testing the plan for the past year and just now is rolling it out nationally to address the serious problem of so many workers not having retirement plans. In 2013, just 40 percent of U.S. households owned any type of retirement account – IRA, 401(k) or traditional pension – down from 48 percent in 2007, according to the Federal Reserve Board’s triennial Survey of Consumer Finances released in September 2014.

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