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Introducing the MyRA: Boom or Bust?

President Obama didn’t drop any bombshells in his State of the Union address delivered on January 28. But he did unveil a new retirement-saving concept called the “MyRA” (a wordplay on IRA). As the president explained, this account will be designed to encourage retirement savings by workers who don’t have access to employer plans like 401(k)s. It is hoped that the MyRA can help bridge the gap facing millions of Americans who haven’t set aside enough for retirement. But will it turn into a dud?

Ken Berry, JD