The Federal Government with much fan fair officially launched its new MyRA program this past week. It is their solution for people that do not have access to a retirement plan at their place of employment.
Access to a retirement plan at work is one of the largest problems facing workers today. Approximately half of the workforce does not have access to a retirement savings vehicle through their employer. However, the MyRA program is, in my opinion, fatally flawed by its only investment choice.
The low-return MyRA investment option will not provide a reasonable long-term rate of return that will help participants successfully retire. By focusing on a guaranteed, no chance of loss, return, the program fails to address the real issue of generating enough wealth over time to produce retirement income.
A much better option, in my opinion, is a payroll deduction IRA program that can be set up either as a traditional or ROTH IRA gives employees a much better chance of meeting their future retirement income needs.
Gary’s Offer to Help
Payroll Deduction IRA programs can provide workers with a very good option to save for retirement. For employers, Payroll Deduction IRA programs are simple, easy and usually come with no cost.
If you are an employer without a retirement plan, Gary will help you understand why a payroll deduction IRA is a great solution.
If you are an employee at a company without a retirement plan, Gary can help you get a program started as well.
You can contact Gary at firstname.lastname@example.org or email@example.com
The program this week:
Segment One – Crowdsourcing for the masses
Segment Two – MyRA and Payroll Deduction IRA programs
Segment Three – MyRA and Payroll Deduction IRA programs
Segment Four – Payroll Deduction IRA – Gary’s help