11/5/2015 – Is this the cure for America’s retirement ills? (CBS MoneyWatch)

Nov 05, 2015 Comments Off by

The U.S. Treasury loudly trumpeted the launch of myRA accounts earlier this week, which aim to provide a simple, safe, affordable savings option for workers who don’t have access to a savings plan at work. Would a myRA make sense for you?

A myRA account could be a good idea if you answer “no” to all of the following questions:

  • Are you eligible for a savings plan at work?
  • Do you feel sufficiently confident about your ability to shop for an IRA at a financial institution?
  • Do you feel confident in your ability to select investments?
  • Would you take the time to set up an IRA on your own? (Workers who aren’t eligible for a plan at work can always set up an IRA on their own.)

If you did answer “no,” you’re one of millions of American workers who need a simple way to get started on saving for retirement. With a myRA, you don’t need to worry about being defrauded, paying high fees or watching your hard-earned savings decline due to the stock market. That’s because your savings earn a set interest rate.

Read the full article in CBS MoneyWatch.

Financial Landing 2015

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