During the State of the Union address President Obama proposed the establishment of the MyRA, a government option for individuals and employees to save for retirement. Typical of SOTU, ideas are introduced in concept and short on details.
However, my first thought is: Is this another process in which the government expends money and resources to solve a problem that doesnt exist? Last week The Wall Street Journal reported the discrepancy of government census reports indicating a low percentage of baby boomers are not prepared for retirement and the inadequate support Social Security will provide. In reality, based on IRS filings by corporations and individuals that report retirement plan contributions and distributions, a significantly higher percentage of employers offer 401(k) retirement plans and retirees have substantially more saved in their 401(k) accounts than government reports would lead us to believe.
