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{"id":639,"date":"2014-01-29T13:17:00","date_gmt":"2014-01-29T13:17:00","guid":{"rendered":"http:\/\/admin.patheos.com\/blogs\/janetheactuary\/2014\/01\/the-myra.html"},"modified":"2014-01-29T13:17:00","modified_gmt":"2014-01-29T13:17:00","slug":"the-myra","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/janetheactuary\/2014\/01\/the-myra.html","title":{"rendered":"The “myRA”?"},"content":{"rendered":"\n<\/head>

If you haven\u2019t read about this, the idea is to create payroll-deduction-type accounts that function like IRAs in terms of tax-effectiveness, administered by the Treasury Department, for those people who don\u2019t have access to an employer-sponsored retirement account, and who haven\u2019t established a personal IRA. The catch: the funds are to be invested in government bonds. Some details here, at The Week<\/a>. Now, the statement is that these will be a \u201cspecial type\u201d of government bonds, so it leaves open the option for the government to provide constituent-pleasing artificially-high interest rates, as well as the more likely alternative that these accounts earn interest at the same extremely low rate as any other government bond. <\/p>\n

And this can do more harm than good, to the extent that people participating in this program don\u2019t use these as \u201cstarter accounts\u201d before moving to more diversified funds, but stay with the government bonds, or if we see the fact of large numbers of Americans expecting government bonds to provide investment growth, causing problems. <\/p>\n

Ideas about a better way of saving for retirement, something more automated, via payroll deduction, without being dependent on employer benefits \u2014 these have been kicked around for a long time. And if a plan is designed well, it can get bipartisan support. So that\u2019s what makes this sad \u2014 to give up on bipartisanship for even something that ought to be acheiveable with a moderate, rather than herculean effort.<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"