National Debt Relief Talks About MyRA Program For Retirement

January 24, 2015 (PRLEAP.COM) Business News
January 24, 2015 - National Debt Relief recently shared in an article published January 22, 2015 a new program to help consumers prepare for retirement. The article titled "Understanding The Pros And Cons Of The New MyRA program" dissects the advantages as well as downside of the retirement saving program for American consumers.

The article starts off by explaining that the MyRA program is designed for the millions of low- and middle-income workers that work for companies that don't have retirement plans. Planning for retirement should be on top of the financial priority list of any individual. This is because they cannot expect to be working until old age.

Although the program is geared towards consumers who do not have access to conventional retirement program, basically anyone that receives their paycheck through direct deposit is eligible for the MyRA program. But before going through with the retirement savings, the article lays out some of the pros and cons of MyRA.

The most obvious of which is that the program is the program of the government making it one of the most secure funds in the country. Another advantage of MyRA is that individuals can bring it to the next job in case they change employers.Consumers can also withdraw anytime without penalty but of course, if the interest is also taken out before age 59 1/2, consumers would have to pay taxes and possibly get hit with a penalty just as is the case with a Roth IRA.

The article also points out that one of the downsides of a MyRA program is that it has a limit of $15,000 or if the fund has been active for 30 years. The individual can move the fund over to a regular Roth IRA. Another downside is that expected average earnings from MyRA is at about 2% only.

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