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. what’s 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?
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