The “MyRA” Malfunction

Posted: Feb 04, 2014 12:01 AM
The “MyRA” Malfunction

The ineptly named “myRA” is the president’s newest brainchild, designed as a retirement vehicle for the so-called disadvantaged folk. As I looked in the mirror, I was sure the president was addressing me since I’m not part of that upper 1%. I was certainly excited to hear that I now have the opportunity of putting money away for my retirement that would ensure a guaranteed rate of return (somewhere around 1.5%), and that I had no danger of losing my principal in the stock market. Of course losing my money in a government seizure would be a completely different story altogether (a good topic for another column.)

As I understand it, I can accumulate $15,000 under the “myRA” at which point I would be forced to reposition the money into a Roth IRA, which would expose the account to risk of principal, interest rate risk, legislative risk, and a whole host of other wonderful pitfalls. Just think, $15,000 earning 1.5% per year, wow! That’s $225 divided by twelve months, equaling an eye-popping $18.75 per month. Mr. President, I feel much more secure already! In spending mere minutes contemplating this trivial retirement plan idea related to Obama’s brain trust of brilliant programs, a few questions came to mind.

When the overwhelming mass decide to login in order to establish their “myRA,” will the same individuals who engineered the notorious Obamacare website along with the well trained team of “navigators” be assisting us?

Of the folk who have always had accessibility to IRAs, Roth’s, and 401ks, has their mentality truly changed or will they seem to lose out to iPhones, flat screen TVs, SUVs, Vegas, and even drug dealers?

Is this just another pot of money (think Social Security) that can be accessed in order to satisfy all the wonderful social and terrorist defense programs that legislators love to experiment with?

Furthermore, and maybe the most important question: How long before ALL retirement programs are required to be rolled into “myRA?” I know that’s coming and so do you!

I must make it clear that my understanding of “myRA” could be a bit cloudy, since as I stated in my previous column, I neither watched nor read the president’s most recent State of the Union address. I’m simply relying on the White House press release, MSNBC’s apparent excitement, and the superficial enthusiasm of my favorite senator (next to John McCain), Chuck Schumer.

As we commemorate the 10th anniversary of Janet Jackson’s infamous “wardrobe malfunction” during a Super Bowl halftime show in which she clearly exposed part of herself to the whole world, I’m hoping for a similar type of clarity in reading the transcript of Obama’s most recent State of the Union address, specifically the section regarding the “myRA” — and hopefully I won’t face a monetary fine from the FCC.