tag:blogger.com,1999:blog-6318055043707993918.post3973880442819470935..comments2024-02-20T02:12:18.090-05:00Comments on THE WANDERING TAX PRO: IS THE MYRA RETIREMENT ACCOUNT FOR YOU?Robert D Flachhttp://www.blogger.com/profile/06034127763662917220noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6318055043707993918.post-1361246558171138062015-11-05T07:28:36.783-05:002015-11-05T07:28:36.783-05:00CJ -
I do agree that the investment return is ver...CJ -<br /><br />I do agree that the investment return is very limited. <br /><br />However the benefit of the myRA is that is allows individuals, especially younger and lower income workers, to start small and put away as little as $5.00 to $10.00 per week, with the principal guaranteed. No other option that I know of would permit such small amounts. A little retirement savings, at the beginning, is certainly better than no retirement savings. <br /><br />A myRA investor does not have to wait until $15,000 has been accrued before transferring money to a higher-earning option.<br /><br />TWTPRobert D Flachhttps://www.blogger.com/profile/06034127763662917220noreply@blogger.comtag:blogger.com,1999:blog-6318055043707993918.post-12206725336960862692015-11-04T21:15:39.288-05:002015-11-04T21:15:39.288-05:00I know this isn't a blog related to investing,...I know this isn't a blog related to investing, but I feel compelled to mention that money put into the myRA doesn't have great prospects for growth, considering it is put into a fund consisting of federal government bonds (until it is worth $ 15,000 and gets moved into a Roth IRA). There may have been good intentions with this, but it seems like the federal government could have outsourced some of the investing to a few mutual fund companies like the states do with their 529 college savings plans. I suppose it's better than not doing anything, but many low income and self-employed individuals without access to a 401(k) plan could benefit greatly from even a small amount of money invested in mutual funds that hold stocks and corporate bonds. Yes, it's riskier than government bonds but over a long enough investment horizon you are almost certain to come out ahead.Chris Johnson, EAnoreply@blogger.com