It is my understanding that your “investment” will be in government bonds, no other choices.
When you die, the government keeps 1/2 of your funds, unlike an IRA or 401K where you can pass the entire amount on to your heirs.
Also, there was talk about giving us an IOU for the value of our retirement accounts on August 8, 2008, then they would take that, in our name, and invest it in the govt bonds.
Im not a financial whiz, but I don’t trust the govt one bit to watch out for my retirement funds. It will be a second generation Social Security piggy bank for them. They have proven untrustworthy.
If you keep it in the MyRA account, that's the only choice. But, you can convert it to a Roth IRA at any time. Read the URL I posted earlier, it has the details.
When you die, the government keeps 1/2 of your funds, unlike an IRA or 401K where you can pass the entire amount on to your heirs.
No. I don't know who told you this, but it's wrong.
Also, there was talk about giving us an IOU for the value of our retirement accounts on August 8, 2008, then they would take that, in our name, and invest it in the govt bonds.
Like I wrote earlier, this was testimony from a left-wing professor to a committee, that was quickly forgotten by everyone except the conspiracy theorists. It didn't go anywhere, so please stop beating that dead horse.
Im not a financial whiz, but I don’t trust the govt one bit to watch out for my retirement funds. It will be a second generation Social Security piggy bank for them. They have proven untrustworthy.
You don't have to trust the government. You can do it yourself, or hire someone to do it. It's not hard -- it just requires patience and perseverance.
What is REALLY dumb is not taking advantages of the tax incentives, especially the Roth IRA. And if your company matches any part of a 401(k) contribution, you are essentially giving up free money.