The Treasury Department has blown out the candles on the first birthday cake for myRA, the retirement plan the federal government implemented in November 2015. The retirement toddler earned a mixed report card according to a recent report.
According to 401kspecialistmag.com, myRA’s Treasury parent says that approximately 20,000 people have taken advantage of the option. That is a drop in the bucket compared to the millions of employees who do not have access to an employer-provided plan and the number of people who report that they have no retirement savings nor a pension.
There still is hope that myRA will take off. The Treasury Department says that it plans to increase its promotion of the program on federal websites and through TurboTax, and David John, an adviser at the AARP Public Policy Institute, told CNN recently that he thinks myRA has a “very bright” future.
According to 401kspecialistmag.com, myRA’s Treasury parent says that approximately 20,000 people have taken advantage of the option. That is a drop in the bucket compared to the millions of employees who do not have access to an employer-provided plan and the number of people who report that they have no retirement savings nor a pension.
There still is hope that myRA will take off. The Treasury Department says that it plans to increase its promotion of the program on federal websites and through TurboTax, and David John, an adviser at the AARP Public Policy Institute, told CNN recently that he thinks myRA has a “very bright” future.
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