In July the U.S. Treasury announced the cancellation of myRA (my Retirement Account), a starter-retirement-savings product they launched in 2015 to help people without access to employer-sponsored retirement plans. The Treasury developed this product, under the Savings Bond authority of the government, in recognition of the growing retirement-savings crisis in the United States. It built […]
Tag Archives | retirement planning
Most Americans underestimate how long they’ll live. As a result, many people face the possibility of running out of retirement savings before they die, which can impact their quality of life while they live.
Partner Dave Richardson explains why myRA–the new savings account that President Obama announced during this year’s State of the Union speech–was built to make it easy for starter savers to set aside a small amount of money at a time in a safe place.
Our consumer society is changing the way it allocates responsibility in a variety of realms. The proportion of Americans covered by a defined benefits plan has declined, and most need to take more personal responsibility for setting aside retirement savings.
An interesting transition in generational retirement planning: generations at opposite ends of the spectrum seek financial independence, but use very different approaches to get there.
More Americans are recognizing that they bear substantial personal responsibility for assuring their financial health in retirement, leading to a new retirement paradigm.