As part of the 2014 State of the Union address, President Barack Obama pledged to help Americans save for retirement. In his speech the President announced that he would direct the Treasury to create a new savings bond called “MyRA” (i.e., My Retirement Account) that would allow working Americans to start their own retirement savings.
While it appears the President will take executive action to create the new MyRA, the President also called upon Congress to create automatic IRAs. The request for Congress to create automatic IRAs is a repeated request as the President has included automatic IRAs in budget requests for the past several years. Congress has yet to act on any such requests.
Although the President did release a FACT SHEET regarding MyRA (see link below), much is still unknown. CSi will continue to monitor any new development and keep our customers appraised of any details as they become available.