11/5/2015 – Is this the cure for America’s retirement ills? (CBS MoneyWatch)

by on November 5, 2015 8:01 pm
Categories: Financial Landing 2015

The U.S. Treasury loudly trumpeted the launch of myRA accounts earlier this week, which aim to provide a simple, safe, affordable savings option for workers who don’t have access to a savings plan at work. Would a myRA make sense for you?

A myRA account could be a good idea if you answer “no” to all of the following questions:

  • Are you eligible for a savings plan at work?
  • Do you feel sufficiently confident about your ability to shop for an IRA at a financial institution?
  • Do you feel confident in your ability to select investments?
  • Would you take the time to set up an IRA on your own? (Workers who aren’t eligible for a plan at work can always set up an IRA on their own.)

If you did answer “no,” you’re one of millions of American workers who need a simple way to get started on saving for retirement. With a myRA, you don’t need to worry about being defrauded, paying high fees or watching your hard-earned savings decline due to the stock market. That’s because your savings earn a set interest rate.

Read the full article in CBS MoneyWatch.