A cruel irony: Just as America is (or more accurately isn’t) dealing with a retirement savings crisis, the Trump administration today began shuttering the government’s myRA retirement savings program, a starter account for low- and middle-income people. What the myRA WasThe myRA was a no-fee, no-minimum balance, non-deductible Roth IRA for individuals with incomes below $131,000 and couples with incomes under $193,000. Treasury to kill the myRA program. And just one-third of part-time workers have retirement plans, according to a recent Guardian Life study. What Happens Now and What Could Have HappenedNow, the myRA account holders will need to either roll over their accounts to Roth IRAs or close the accounts.

Source: Forbes July 28, 2017 20:48 UTC