Don’t Be Fooled By the MyRA Savings Plan!
(Contributed by Joe Overfield, Bank On Yourself Advisor, V.P. Eagle Planning Divison)
For those of you who were able to catch the State of The Union address from President Obama last week you would have heard about his grand new retirement solution for low to middle class income earners.
Welcome the next government solution, the MyRA Savings Plan! On the surface it appears to be a safer money solution than the traditional 401(k) as the fund will be buying long term treasury bonds. It works similar to a Roth IRA by contributing after-tax dollars which then allows you to take a tax-free retirement income. Sounds like a great solution right?
Wrong! The last creative government savings plan was called Social Security. Invented in 1935, the government has had 79 years to get it right and it is broke! Don’t be fooled again…
Read this recent article by Forbes.com and tell us what you think. If you want a better retirement strategy without the risk and volatility of the stock market give us a call!
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