I am far from perfect -- ask anyone who knows me -- but have done nothing bad enough lately requiring penitence by watching the State of the Union Hot Air Festival. But it seems that our Little Caesar, sometime in the midst of his hour-plus monologue of vague promises to restart the heart of America did emit one specific proposal.
It's a sort of baby IRA plan cutely named MyRA.
“I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA,” Obama said in his 2014 State of the Union address. ["I will direct ... " is one of the Marxist savior's favorite phrases.] “It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in.”You can't lose! You're a guaranteed winner! To wit:
Voluntary contributions. Contributions will be made via payroll deduction. The initial investment needs to be at least $25, but ongoing contributions can be as small as $5. Participants can save up to $15,000 or for a maximum of 30 years in this “starter” retirement account before they will need to transfer their balance to a private sector Roth IRA. Employers will not administer or contribute to these retirement accounts. ...