No to myRA

Posted Monday, Feb. 03, 2014  comments  Print Reprints

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I must take exception to the article in Friday’s column by Secretary of the Treasury Jacob Lew, “MyRA for low, middle-income retirement.”

The myRA proposal has nothing to do with helping people save for retirement. It is intended to do three things: convince us that only the government can make our lives better, make President Obama look like the good guy and provide additional funds for the government to continue its out-of-control spending.

Any individual can already save $5 or more each payday in a multitude of ways. If he/she doesn’t have the ability or discipline to do it now, the myRA will make no difference. There is no tax advantage to the saver and all funds must go toward the purchase of government securities.

The myRA proposal is just more political nonsense that will create another bureaucracy and not solve any real problems.

— James Withaeger, Arlington

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