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Friday, August 01, 2014, 11:45 p.m.
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Obama orders creation of 'myRA' savings plan

By The Associated Press

This article was published January 29, 2014 at 1:54 p.m.

WEST MIFFLIN, Pa. — With a stroke of his pen, President Barack Obama has created a new savings plan designed for Americans who don't have workplace retirement plans.

Obama took to a Pennsylvania steel plant Wednesday to sign an order to create the "myRA" program in which workers could contribute as little as $5 from their paychecks. The idea is to offer a "starter" account to let people begin saving even if they can't afford the large initial investment often needed for a private, commercial retirement account.

Obama says every working American should be able to feel some security.

Obama's action comes the day after he announced the idea in his State of the Union address.

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Displaying 1 - 4 of 4 total comments

arkateacher54_aol.com says... January 29, 2014 at 5:49 p.m.

Step 1 in the takeover of private retirement funds by the federal gubmint. Get ready to get robbed folks.

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NoUserName says... January 29, 2014 at 6:09 p.m.

My IRA has no minimum to open. So...the need for this is?

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sgtbob6606140841 says... January 29, 2014 at 6:15 p.m.

Remember in the wayback years, when the insurance man came around once a week and collected a dime from policy holders? Sounds like the same thing.

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GrimReaper says... January 29, 2014 at 7:14 p.m.

Pure politics...........for dupes. And yes, they're coming to "bail in" your retirement funds.

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