Posted on Jan 10, 2015
Have you heard about the new Federal retirement account myRA?
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The myRA is touted as a no-cost to employer and no fee investment option for employees who lack an employer sponsored retirement savings plan. The Treasury Department authorized a new “nonmarketable, electronic retirement savings bond” that will only be available to participants in the myRA. The bond will provide a principal protected investment while earning interest at the same rate available in the Government Investment Fund (G-Fund) of the Federal Thrift Savings Plan.
There also has been talk by some to make it a mandatory program alongside Social Security.
What are your thoughts?
https://myra.treasury.gov
There also has been talk by some to make it a mandatory program alongside Social Security.
What are your thoughts?
https://myra.treasury.gov
Posted in these groups: 
Retirement
Retirement
Posted >1 y ago
Responses: 1
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I hate to play the devils advocate, but this looks a lot like a "new" Social Security program where the "guaranteed funds" will be locked into a trust fund. Like the Social Security Trust Fund, the Retirement Account Trust Fund will be raided some time later to pay the countries bills with an IOU of a "government bond". A government bond backed by a government who has increased the public debt over $18 Trillion in less than 2 decades and having unfunded liabilities well over the $100 Trillion mark.
I see a black hole of "public" consumption that exponentially consumes until it collapses. When you see the daily balance sheet with a negative $47 Million Net Change in Operating Cash Balance (1) in just 7 days into the new year, it doesn't lend credibility to their guarantees. Especially when the CBO, OMB, and HCB all see ~$20 Trillion in public debt (2) by 2019.
(1) https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=15010700.pdf
(2) http://www.usdebtclock.org/cbo-omb-gop-budget-estimates.html
I see a black hole of "public" consumption that exponentially consumes until it collapses. When you see the daily balance sheet with a negative $47 Million Net Change in Operating Cash Balance (1) in just 7 days into the new year, it doesn't lend credibility to their guarantees. Especially when the CBO, OMB, and HCB all see ~$20 Trillion in public debt (2) by 2019.
(1) https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=15010700.pdf
(2) http://www.usdebtclock.org/cbo-omb-gop-budget-estimates.html
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