On July 28, the Treasury Department announced that it was ending the myRA program. The Department issued a very brief statement saying that as part of the Administration’s effort to assess existing programs and promote a more effective government it was determined that this program was not “cost effective” due to its low enrollment.
On April 13, President Trump signed into law legislation that blocked Obama-era Department of Labor (DOL) regulations encouraging the establishment of IRA plans run by cities and municipalities. On May 17, he signed similar legislation applying to state-run IRAs. While these new developments may make the road ahead for both city and state run IRA plans more difficult, these plans are not going away.
Your state may soon be getting into the IRA business. The Department of Labor (DOL) removed a major hurdle recently, when it issued final rules for state-run IRA programs. The final rules give states a safe harbor from Employee Retirement Income Security Act (ERISA) for state-run IRAs if certain conditions are met.
If you are a young worker, you, like many other members of the millennial generation, may be juggling student loans and expensive rent. Retirement? That is likely the last thing on your mind, although you may have a sneaking suspicion that the generous pensions that older generations enjoy probably will not be there for you. What can you do now to save for a more secure retirement? Well, for many millennials the Roth IRA is the way to go. Here are 5 reasons why.
If you are just starting to save for your retirement or have a family member who is wondering what steps to take for a secure retirement, the recent announcement from the Treasury Department expanding the myRA program is important news. Here's how you can utilize them.
An article titled “If You Have Savings In Your 20s, You’re Doing Something Wrong” has recently gone viral. The article, which got over two million likes on Facebook, suggests that saving for your future in your twenties is a bad idea. It suggests that if you are in your twenties, you would be better off going out, spending money and enjoying life rather than saving for the future. We explain why you don't have to take an all-or-nothing approach to savings decisions in your 20s.
MyRAs are a retirement savings option for those who do not have a retirement plan at work or those who want to save only small amounts from their paychecks. IRA Technical Expert Beverly DeVeny discusses their benefits.
2015 has brought several important changes in the retirement planning world. From the once-per-year IRA rollover rule to QLACs and myRAs, IRA Technical Expert Beverly DeVeny highlights the key changes you must be aware of to retain current clients and capture new business in the new year.
Last week President Obama delivered his State of the Union address to the nation and introduced us all to a new type of retirement account, the myRA. Since then, the ins and outs of the new accounts have been minced and parsed in just about every way imaginable. Click to find out what some advisors are getting wrong about myRAs.
Below we share with our readers the two videos as a continuation of yesterday's myRA coverage, which included our detailed analysis of the retirement plan proposal with videos and popular tweets incorporated.
