Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
You can make deposits to your MyRA from your paycheck by completing a direct deposit authorization form you give to your employer, or you may have to follow your company’s process. Money will then be deposited into your MyRA account every paycheck.
It’s also easy to make deposits from your checking, savings, or another kind of account. All it requires is linking your MyRA account to your personal account, either when you sign up or once you open an account. You can then set up either a one-time or a recurring contribution.
Some think it’s a Ponzi Scheme
It’s hard for our government to do anything without being criticized, and the MyRA is no exception. For example, Geoffrey Pike, who writes for the website WealthDaily has called MyRA a “Ponzi scheme.”
The problem according to Pike is that President Obama was using it as a short-term solution to help offset the deficit and a longer-term plan to kick the problem down the road.
Lou Rockwell, who writes for the Birch Gold Group, has said that the MyRA should terrify anyone that invests in this program.
He also notes that while our government points out that the Government Securities Fund earned 2.375% in January, 2017, its return in 2012 was just 1.5%. If you’ve been paying any attention at all to the price of stuff, you know that a 1.5% return just isn’t good enough.
It may be better than nothing
There are certainly potential downsides to this program, but if your employer doesn’t offer any kind of retirement plan, and if you can’t afford to get started in an IRA or Roth IRA, this new program is better than nothing.
For more information
If you'd like to know more about MyRA, here's a video with more information including some of the more important pros and cons of this new program.