You’ve been granted free access to this subscribers only article.
Editorial: MyRA — maybe, but retirees should beware
By Glenn Molette
Every American needs to save more money. Millions of Americans are struggling in retirement part-time jobs to keep food on the table. Fast food restaurants are filled with American seniors working for minimum wage in order to survive.
Every dollar put toward retirement will eventually be needed for shelter, food, and medical expenses. Each year millions of people live longer than the money they had saved for retirement lasts.
President Obama has an idea with a new government-backed IRA account called MyRA that will encourage all Americans to contribute up to $15,000 a year. The contributions would not be tax-deductible but like a Roth IRA the interest would be tax-free. Contributions can be as low as $25 to start and people earning up to $191,000 a year may contribute through their employers. Savings can last as long as 30 years before being transferred to a private Roth IRA. Earnings on the savings will be the same as the federal employees’ Thrift Savings Plan - Government Securities Investment Fund. This fund earned 1.74 percent last year.
I’m glad for any safe and inexpensive way for Americans to save money.
Some things make me nervous.
•Our government handles our Social Security. Aging Americans are now waiting longer and longer to collect earned benefits. The funds really do not even exist. Every month our government robs Peter to pay Paul in order to keep the Social Security checks coming. Our government has mismanaged Social Security. Do we feel secure about this government-run supplemental retirement plan?
•Our government is handling our medical coverage through Medicare, Medicaid, and now the Affordable Care Act. Each year the government will need more and more of your money through taxes to keep all of this solvent. We are in a crisis already.
•Our infrastructure is hurting. Funds for American interstates, bridges, our national parks, and research to find cures for cancer and other diseases is lean.
•Will this new savings plan and other ideas eventually eliminate the current military retirement plan? Is this a slick new way to eventually cut out the federal retirement plan? Could this idea and other ideas eliminate our current Social Security? We need to at least beware. Our government is struggling to keep federal, military, and Social Security checks moving. I agree that all Americans need safe and accessible ways to save money. However, don’t be blindsided by easy new programs that could eliminate what millions of Americans have already spent 20 to 30 years working toward.
Glenn Mollette is an American columnist read in all 50 states. Contact him at GMollette@aol.com.
Your Opinions and Comments
Be the first to comment on this story!
You must be logged in to post a comment.
Section A: General News Archives
Brownlow: Little chance ‘fracking’ could hurt water (September 2, 2015)
City’s proposed budget, property taxes raise questions (September 2, 2015)
County Commisioners ‘buckle up’ on $24M budget (September 2, 2015)
Court Update (September 2, 2015)
De Leon family sells Olivia’s San Antonio location (September 2, 2015)
Distracted driving program new requirement for teens (September 2, 2015)
Editorial: Coca-Cola to obese people: Hey, exercise more! (September 2, 2015)
Editorial: How will voters sort through all the candidates? (September 2, 2015)
Editorial: Libs: Symbols mean something — unless we disagree (September 2, 2015)
Floresville awards contract for event center repairs (September 2, 2015)
Floresville elections take twists (September 2, 2015)
Floresville struggles to ‘play ball’ (September 2, 2015)
Free webinar series for small businesses (September 2, 2015)
From student job to interim manager (September 2, 2015)
Karnes airport gets $2.1M in funding (September 2, 2015)
Labor Day office closures (September 2, 2015)
Letter: Karnes County officials continue spending (September 2, 2015)
Letter: Urgent: Nix Iran deal (September 2, 2015)
Letter: Voter ID thumbprint (September 2, 2015)
Make your way to Feather Fest (September 2, 2015)
MedDropSA is Sept. 5 (September 2, 2015)
Meeting Watch: East Central ISD (September 2, 2015)
Oscar Mayer issues recall (September 2, 2015)
Paid firefighters could aid La Vernia volunteers (September 2, 2015)
Police Blotter (September 2, 2015)
Register to compete in Adult Literacy challenge (September 2, 2015)
Relay committee to meet Sept. 8 (September 2, 2015)
SARA approves study of Floresville’s River Park (September 2, 2015)
Sponsors needed for Conversation with Constitution event (September 2, 2015)
Stockdale council approves $2.07M 2015-16 budget (September 2, 2015)
Substitute teacher training dates set (September 2, 2015)
TEA lauds Falls City, Poth (September 2, 2015)
The best medicine (September 2, 2015)
VA cuts backlog (September 2, 2015)
Welcome back! (September 2, 2015)