Should We Care About Trump Stopping myRA

No

The Treasury just announced it’s stopping the myRA program.

If you’re not familiar with the myRA program, it’s a Roth-style IRA account run by the Treasury Department (created in 2014) that was meant to address the fact that so many Americans are woefully underprepared for retirement. It consists entirely of conservative savings bonds. While the plan is simple, risk-free, and charges no fees, it is really designed as a kind of “starter account” to be rolled over into a traditional IRA or 401(k) once it reaches $15,000. But it’s a good start for those without other options.

It’s a good program when there are higher interest rates but not it’s kind of pointless. I don’t think there’s any reason individuals can’t open Roth IRAs themselves from the getco, and invest in investments with higher return potential,

The federal government still offers a Savers Credit providing low-to moderate-income households with an additional tax break on contributions to any retirement account — yet only about a quarter of targeted households are aware of it. Yet, this will probably be repealed also.