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How to Incorporate President Obama's New myRA into a Retirement Income Plan

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During President Obama’s 2014 State of the Union Address the “myRA” (“My Retirement Account”) was announced as a new way to encourage working Americans to save for retirement. With roughly twenty-eight percent of the population not saving for retirement at all, increased opportunities to save are in demand. In his speech, President Obama stated: “Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks. That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: myRA. It’s a new savings bond that encourages folks to build a nest egg. myRA guarantees a decent return with no risk of losing what you put in.”