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Financial Advisor Discusses President Obama's myRA Retirement Accounts
Last week, President Obama signed a presidential memo directing the Department of Treasury to create the government-backed retirement accounts. myRA is similar to a Roth IRA. Individuals can contribute as little as $5 per paycheck with after-tax dollars. Then, the account-holders can take out money without paying additional taxes. The funds would be backed by U.S. government debt, similar to a savings option available to federal employees.