WT: The Treasury Department said Friday that it’s canceling an Obama-era program designed to help Americans who don’t have access to a 401k plan at their work save for retirement, saying interest was too low to justify the expense to taxpayers.
Known as myRA, the program was one of President Obama’s State of the Union promises in 2014. It was supposed to try to reach millions of Americans whose jobs didn’t offer retirement savings or pensions plans, and would invest their money in government bonds.
As of late last year, however, just 20,000 people had signed up, according to CNNMoney. more here
I read the Department of the Treasury’s prospectus on this program. It essentially takes fifteen thousand of your dollars and invests it into a Treasury Bond. Actually, the program takes in your money and when you have contributed fifteen thousand dollars to the purchase of a US Treasury bond, it is then rolled into a standard IRA. It did not say who would provide the IRA, but it did specify a limit to the amount that could be contributed.
I find it strange that for a government program, there is a cap on how much you would get from it. That and the money collected was put into a US Treasury bond. I think what they were trying to do was to create more bonds that could be used to finance the government.
Keep in mind that Social Security, aka O.A.S.D.I. is the primary means of the government financing old age pensions. The left always claims that OASDI is perfect, so why this new program?
More failed ‘Obumble Legacy’…YAY!!!!
Invest in gov’t bonds! Great return on those these days. $20T in debt, and you own some of it.
They’ll be back with this scheme if they ever get back in power. Only next time, it’ll be with a mandate:
“If you can afford a retirement plan but choose not to buy it, you must pay a fee called the individual shared responsibility payment.”
Another useless program flushed to where it belongs!
Damn thieves in Washington would just steal your money and give you a worthless IOU. Kinda like Social Security. Oh, and Chicongo does the same thing.
Bond holders are enablers.