According to this report Obummer plans to release a new proposal to help folks to save for their retirement. The two down sides I see from it is that it is another government controlled plan and will be invested in Treasury Bonds. Bonds have had almost no growth for many years due to the low interest rates. So other than pumping in money to the gov grubby hands, the investors will get little to no growth to even keep up with inflation, little own grow their accounts.
Here is the article.
http://blogs.marketwatch.com/encore/...new-ira-plans/
Report: Obama to propose new IRA plans
January 28, 2014, 11:19 AM
By Matthew Heimer
Fewer than half of Americans have access to a workplace savings plan that can help them amass money for retirement. In his State of the Union address tonight, President Obama will propose to change that, according to the Associated Press.
Offering an IRA for those who can’t save at work.
Citing two anonymous sources who “have discussed the proposal with the administration,” the AP’s Jim Kuhnhenn reports today that Obama will seek to launch a plan that would allow workers whose employers don’t offer retirement plans to invest money for retirement, tax deferred, in Treasury bonds; the employees could eventually convert those savings to traditional IRAs.
If Obama does advance the proposal, it’ll be his fullest endorsement to date of an idea that has been kicking around for a few years. MarketWatch’s Robert Powell wrote recently about the Treasury Department’s efforts to develop “R-bonds” that could serve as retirement investments for savers who lacked 401(k)s and pensions. Some states, including Oregon and California, have also proposed setting up state-run IRA systems for workers whose employers don’t provide plans.
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