President proposes new retirement savings option: 'MyRA'

10:31 PM, Jan 28, 2014   |    comments
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KUSA - In Tuesday night's State of the Union Address, President Obama proposed a new way for Americans to save for retirement. On top of a 401(k) and social security - he said there should be another option.

The president said he will direct the treasury to create a new way for working Americans to start their own retirement savings, called MyRA.

"It's a new savings bond that encourages folks to build a nest egg," Obama said. "MyRA guarantees a decent return with no risk of losing what you put in."

Many American workers do not have pensions and social security often is not enough for them to get by.

While the stock market has doubled over the last five years, that is no benefit to those who do not have a 401(k).

He urged Congress wants to work with him to fix an "upside-down tax code" that gives big tax breaks to the wealthy.

(KUSA-TV © 2014 Multimedia Holdings Corporation with The Associated Press)

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