myRA Intended as a Supplement, ‘Jump Start’
A supplement and “jump start” — that was how a Treasury official characterized myRAs, the retirement program the federal government implemented in November 2015. The federal government has been making myRAs available for just over a year
In a Jan. 10 webcast, “Saving at Tax Time with myRA,” Carol Lambert, the Treasury Department’s Director of Strategic Partnerships and Outreach, outlined how employers can make myRAs available to employees and what individuals need to do to participate.
Through the myRA program, Lambert said that the federal government seeks to provide a means for those who have no retirement savings to set something aside through a program that is simple, safe and affordable. “It’s a great way to jump start if you’re just starting out, or to supplement,” said Lambert.
While touting the program, Lambert also indicated that the program has its limitations, and that the government knows it. “It was never meant to be a replacement” for other retirement plans, Lambert said.