Originally posted on cuinsight.com.
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The Obama administration has announced the creation of a new retirement savings account designed to target Americans not covered by a workplace retirement plan. The new accounts will be offered through employers and are expected to become available in late 2014.
President Obama announced the new myRA (“my Retirement Account”) program during his recent State of the Union address in which he called for a year of action to address issues of income inequality, vowing to make progress through executive action if Congress fails to act. Unlike his previous retirement savings proposals, Obama said the myRA program would not require Congressional action and thus, he gave the Treasury Department an executive order to finalize the development of the program by year-end.