Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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.