Tags: Retirement | obama myRA | quotes | financial advisers

6 Quotes by Financial Advisers on Obama's myRA

By    |   Tuesday, 05 May 2015 01:34 PM

In 2014, the Obama administration touted the Obama myRA Savings Plan which would give many people currently not eligible for employer backed retirement funds the incentive to start saving.

According to Yahoo Finance
, the program has had a slow rollout — and as of April 2015, they still had not named any employers actually participating in the myRA retirement program.

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Here are six quotes by financial advisers on Obama's myRA program:

1. "The good news is you don't have any risk on this account. The bad news is of course you're not going to have a huge amount of earnings on this account either." - David John, senior strategic policy adviser at the AARP Public Policy Institute, according to CNN Money.

2. "The Department of the Treasury developed myRA to address some of the common barriers to retirement saving and to provide an option that is simple, safe and affordable ... MyRA is a starter retirement savings account, with no minimums, fees or risky investments, and savers can choose to transfer or roll over their account balance into a private-sector Roth IRA at any time." - Daniel Watson, Treasury spokesman Daniel in an e-mail to Yahoo Finance.

3. "The biggest criticism of the myRA accounts is that there is only one investment option ... Shouldn't young savers be invested in growth assets?" - Jeffrey Levine, an IRA technical consultant with Ed Slott Co. as reported by Yahoo Finance.

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4. "The myRA is basically a Roth IRA invested in special US Treasury bonds similar to those in the Thrift Savings Plan G fund. This account is not appropriate for those lacking retirement savings and likely counting already on Social Security and savings that will not outpace inflation. During the last government shutdown there was talk that the G fund would not be funded. Retirees don't need to rely any more on government debt to fund their future spending." - Robert Schmansky, Forbes contributor, as reported by Forbes.

5. "The limitations are a bit off-putting. Why limit the account balance? Why force people to turn to the wolves? The very people who need to plan for retirement most are not those who rub their palms raw over pre-tax, post-tax strategies, but the mother and/or father who is trying to support a family on the crumbs they are paid by the elite, investor-class miscreants who care only for themselves." - Michael Cohn, Accounting Today contributor.

6. "It will come as absolutely no surprise when several years from now we all view myRA as a grossly underutilized creation with costs that far exceed any benefits. Unfortunately, though noble-sounding, this is just another feel-good program that will do little but provide sound bites for politicians and waste billions of taxpayer dollars." - Certified Financial Planner and senior partner at Hanson McClain Advisors in Sacramento, Calif., as reported by Yahoo Finance.

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In 2014, the Obama administration touted the Obama myRA Savings Plan which would give many people currently not eligible for employer backed retirement funds the incentive to start saving.
obama myRA, quotes, financial advisers
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2015-34-05
Tuesday, 05 May 2015 01:34 PM
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