It was printed on the envelope my tax refund came in, is it better than a regular savings plan? Im only 27 and currently dont have any savings plan set up.
>www.MyRA.gov
>>1260497
It's a shitty Roth IRA run by the government that has the only difference of not requiring a $1k minimum.
Go to Vanguard and set up a Roth IRA with them and put it in a targeted retirement plan and enjoy your interest free gains at retirement and ability to withdraw your contributions penalty free at anytime.
Seriously, set up a Roth IRA. Max out the $5500 a year contributiom, and be you'll be able to retire comfortably if you're not a total fuck up.
>>1260497
retirement programs like this only prop up the asset market
>>1260581
i have no idea what any of that means
I was looking it up and found this criticism.
http://www.mediaite.com/online/obamas-myra-idea-is-redistribution-of-wealth-from-workers-to-money-managers/
Careful, don't get too upset, /biz/
>>1260903
excellent thanks so much!
>>1260903
Some of my favorite bits:
>We don’t actually need to save any dollars at all. When my generation reaches retirement-age, we may have a shortage of food or hospital beds or something else crucial to retirees, but we will not have a shortage of dollars. Food is a real thing that can run out; dollars are not. By far the vast majority of dollars are just digital entries in spreadsheets, spent into existence by the federal government by a keystroke.
>That is why young people should not be fooled into thinking that Social Security is in any danger. All that program does is add numbers to people’s bank accounts.
>FICA taxes are an unnecessary withholding of wages. The government doesn’t actually need that money to pay social security. It is fully capable of eliminating this regressive tax burden and just paying Social Security out of the general fund.
>Therefore, when a Social Security check “often isn’t enough on its own,” the optimal move is clearly to increase Social Security payments. That’s how a wealthy country should provide for its retirees: give them money so they can live in comfort. Increase social security enough and no one will need a retirement account
>>1260497
This right here is the biggest scam in American investing.
Every financial course or anything you read considers government bonds as "risk free assets". Our Federal Reserve has a "transparency" policy, consisting of weekly balance sheet reporting and constant presentations and interviews by the members of the Fed. If this much info is available, why don't credit rating agencies rate their bonds? Why do they generally assign countries credit ratings, and not assign a rating to each bond offering? Part of it could be contributed to the sheer volume of offerings, part of it could be because they bought into the "risk-free" Kool-Aid, or part of it is because they're a business and the government doesn't pay them to rate them. It should also be noted that America doesn't have a AAA rating by the three major credit agencies, only from two. The fact that it's a consensus imperfect shows there is risk involved. I'm sure these "risk free" assets were also sold to the sheep in Puerto Rico, Greece, etc.
>>1260917
This is fucking retarded logic written by a highschooler.
>>1260925
B-b-but man, money is just numbers. You can always add more numbers, right?!
>>1260951
Not without wrecking your entire economic system, which we are almost about to do.
>>1260957
B-b-but from the ashes we can build a brighter future where people are just given money, right?
>>1260959
From the ashes we can rebuild but not with free hand outs. Ultimately we will do away with free hand outs and it will be a rough ride till we are on the pathway to glory again.
A lot of people will be fucked, not being able to fend for themselves. I at least know how to grow and hunt/fish for my own food. How many city dwelling retards can do the same? What percent of the country do you think can actually be self sufficient without other peoples help?
