Thursday, 14 December, 2017

Treasury to Wind Down myRA Program

Trump administration ends myRA program that helped people save for retirementMore Trump administration ends myRA program that helped people save for retirementMore
Preston Stone | 29 July, 2017, 03:09

The Treasury Department said Friday it will begin winding down the myRA retirement account savings program begun under President Obama, in a further sign of the Trump administration's efforts to undo the legacy of its predecessor. The U.S. Treasury Department said myRA savers had socked away about $34 million, but the program cost taxpayers almost $70 million. "American taxpayers have paid almost $70 million to manage the program since 2014", the announcement said.

"The myRA program was created to help low to middle income earners start saving for retirement".

According to the Times, "Jovita Carranza, the United States Treasurer, said in a statement that demand for the accounts was not high enough to justify the expense".

As of late past year, however, just 20,000 people had signed up, according to CNNMoney.

The myRA program was launched in 2015 as a way for individuals to set up automatic direct deposit contributions to myRA through their employer, fund a myRA account directly by setting up recurring or one-time contributions from a checking or savings account, or at tax time, direct all or a portion of a federal tax refund to myRA.

The department will be notifying savers soon that they can move myRA accounts to Roth IRA accounts at private firms.

Conte takes shot at Spurs' ambition
The Italian has hailed the England striker as one of the best strikers in the world and a complete player. "If you go to buy Kane now it would be at least £100million".

There were no fees or minimum investments required for myRAs, but there was only one investment option.

The Treasury Department announced on Friday it was phasing out the program, which means the 20,000 investors now enrolled with money saved will have to roll over their assets to a Roth individual retirement account.

Another Obama-era initiative rolled back.

Program costs doubled that of Americans' contributions into myRA. Fortunately, ample private sector solutions exist, which resulted in less appeal for myRA. "Just be sure to stay below the annual contribution limit, which is $5,500 in 2017, or $6,500 if you're 50 or older", she recommends.

"We're concerned that instead of expanding opportunities to save, the administration seems to be curtailing those options that were developed and established in the last few years", Martin Firvida adds.

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