Skip to comments.Obama to launch government-backed retirement savings program
Posted on 01/29/2014 3:12:07 AM PST by Red in Blue PA
WASHINGTON, Jan 29 (Reuters) - The Obama administration is scheduled on Wednesday to launch a retirement savings vehicle called "myRA," aimed at enrolling more Americans in a government-backed investment option.
In details provided by the White House on Wednesday, the retirement savings proposal would be similar to a Roth Individual Retirement Account, but with holdings backed by the U.S. government like savings bonds.
"MyRA guarantees a decent return with no risk of losing what you put in," President Barack Obama said in introducing the program on Tuesday night in his State of the Union Speech.
(Excerpt) Read more at finance.yahoo.com ...
Will be another obozo failure.
Uh. what’s wrong with 401K and other investment vehicles?
This Mussolini wannabe is delusional.
Actually, I just saw this, and this could boost the numbers as it will not be an apples to apples comparison with IRA’s which have a $500 minimum.
Initial investments could be as low as $25, and contributions as small as $5 could be made through payroll deductions.
Just another government scam to get more money to put off the inevitable.
“Won’t you come into my parlor,” said the Spider to the Fly.
Right. “Give me your savings. If you like them, you can keep them.”
We can already opt for T-bill purchases for our 401Ks. IMO this program will become compulsory, -to fund additional govt. spending.
“Uh. whats wrong with 401K and other investment vehicles?”
I didn’t read the article as I’m too annoyed. However at a first blush you’d be buying government bonds. But you’d be paying today’s dollars. You can bet the bond’s interest rate will not keep pace with the Fed’s printing of money. So, you’d be at a net buying power loss when you withdrew it. This is a version of Clinton’s original plan to seize all 401k’s and replace them with IOU’s like they did with Social Security. The woman who designed that scheme is in an office down a few doors from the Oval office.
He can call it the First Hackers Bank.
I about fell out of my chair on hearing this one, and he flubbed the intro big time.
So guaranteed, no loss of principle. How does that work?
The country is in the economic doldrums, but expects those living from paycheck to paycheck to come up with cash to invest? Well if it truly is a no lose situation why not?
What benefits does the US government get from this idea?
Maybe competing with the Market, and keeping people wedded to uncle Sam.
God Bless you for being able to watch that lying POS.
Yeah, trust Obama with your money, folks.
By the way, where is the LEGISLATION that authorized this crap????
POTUS - “Trust me, would I lie to you” oh wait never mind.
This is to get people used to the idea of retirement saving being held by the government. They will try to expand this idea in the future, and will present the trumped-up figures to show how well everyone did.
If you liked Obamacare, you will LOVE MyRA!! (Sarcasm)
“Obama to launch government-backed retirement savings program”
Government-backed retirement savings program????
I thought THAT was called Social Security!
I thought i read an article somewhere that accused the govt of going into their employees’ TSP (kind of a 401k for govt workers) and switching all their investment choices over to the govt. bond fund without employee authorization. This switch also included their future contributions. They just went in and did it without telling anyone. IF so, that would be enough for me to bail out.
Hey, If you’re a govt hack, you may want to check out your TSP program today. Nice program you got there, be a shame if something happened to it.
I’ve been giving 15% of my income my entire life... for social security... yet that won’t be available.
instead, I’m supposed to hand over whatever I’ve got left to the same people... and they’re going to ‘guarantee’ I won’t lose my money. yet no mention that the rate of return will be equal to or greater than inflation? if not, whats the point? and if it is... that means it must come out of the govt... the same govt that stole 15% of my income already and has run up a $17.2 trillion debt
yea... you’d have to be a special kind of stupid to follow anything this clown says
They already tried a retirement fund. It’s called Social Security. They robbed the funds to support Johnson’s Great Society, and now there is no fund, just an empty promise.
How many times will the public fall for this?
Like tying it to your ObamaCare Plan ...
btw, wouldn’t inflation have to exceed the rate of return of these bonds by definition? wouldn’t that just drive inflation thru the roof??
I understand that mac daddy wanted to become a used car salesman but they didn’t want him to ruin their image with his lies.
The people he is trying to scam/help can open Roth IRA's at their local bank or with companies like Vanguard or Fidelity. If they haven't taken advantage of what is available now, I can't see great numbers buying into this new program.
I predict this will eventually become compulsory, as will a “mandate” to purchase life insurance with the government as beneficiary.
Oh yes. Trust this government, that has 100 Trillion in unfunded obligations, to keep your money for you. This is insulting.
How else are they going to pay down those unfunded pensions.
He misspoke ... he really means "MyRA guarantees a decent return with no risk of losing what someone else will put in for you."
Sounds like the old iron-clad lockbox trick again. :(
Hello, FINRA and SEC?! Where are you?
...and your religion, and your political party, and your donations to a certain candidate. Fraud-a-licious this is.
I’m leery of having my money in a private fund where I can’t liquidate it real-time if need be.
You’d have to be insane to pump your money into a Government Fund. At the drop of a hat, he could freeze, limit or require permission to withdraw anything.
It’d be like Germany expecting the Federal Reserve to ‘hold’ its gold for them and try to get it back (actually going on now).
A “government-backed “retirement savings program”. LOL! Obama’s idea? I wouldn’t go anywhere near that mess.
It will be as successful as his health plan - DieRA.
It would be illegal for any fund prospectus to say this. It is impossible to guarantee a return and promise no risk.
Oh FINALLY, an retirment vehicle that allows a person to purchase bonds. Oh wait, haven’t those been around for over 200 years?
Kind of. In 2010 the government started automatically enrolling new employees in the TSP with a 3% deduction allocated to the G Fund. Current participants had no changes made to their funds and nothing stops an employe from changing the allocation or dropping out completely.
Lots of private companies do the same thing, automatically enrolling employees into a stable value fund of their 401k, as 401k rules become very restrictive for high earners if not enough employees participate.
It’s a government confiscation/redistribution program.
Q: So guaranteed, no loss of principle. How does that work?
A: Inflation. You get back your dollars, after the government has squeezed most of the value out of them.
I thought the gov’t had a lot of debt...
I must be mistaken...
Uncle Sugar take your money and invest it with a decent return and no risk of loss, eh
Kinda like the guarantees made to those of you 30-somethings paying into social security
“Uh. whats wrong with 401K and other investment vehicles”
they rasist because the fo’ks don’t have them, only the “rich” have 401K and IRA (leftover money they can save) because their taxes too low, because there no opportunity for the hard workin’ middle class, income not distributed fair, need government program to do that
yada yada yada
read the democrat party manifesto
It wouldn't be an Obastard proposal if it didn't have a slippery word in it. "I decided that 0.01% return is 'decent'!" I'll bet that return will be a sliding scale, dependent on how much of your money they have. Can't have inequality or outcome, you know.
Sounds like another Ponzi scheme. By the way, he did not define what a “decent return” is. I would not call today's rates on bonds a “decent return”.
This is exactly whats going on, there are trillions sitting in 401ks and this is the beginning steps to pull those in,
They already offer savings bonds - why would anybody need/want this? Particularly when they’re backed by....
How long before they are mandating it?
What’s wrong with those others?
Why, YOU have control of them, that’s what’s wrong with them.
Seriously, that IS what they see as WRONG with them.
What to watch for now is that at first it will be voluntary,
then it will be required.
People should examine their 401ks to see if there is a true “cash option” anymore.
Many providers have been pressured into removing the cash option and replacing it with Tbills or government bonds as the “safest” vehicle available.
This is a backdoor into the gov’t using your 401k to fund its operations.