Talk:MyRA

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Pratical Aspects

It sounds like a 30-year bond, with a maximum principal face value of $15,000, and a variable interest rate similar to the Thrift Savings Plan Government Securities Investment Fund. I suggest that the the principal invested to be inflation adjusted similar to the current I-Bond. Also, the variable interest rate should be directly indexed to the L fund (ceiling rate) of the Thrift Savings Plan with the rate never going below the G Fund interest rate (floor rate). Both the inflation adjustment and interest should be tax free. With those changes, I would likely save more and the adminstrative costs would decrease. Geraldshields11 (talk) 16:32, 31 January 2014 (UTC)[reply]

After the edits of 4 February 2014, the article says the myRA finanical instrument is "modeled after a ROTH IRA" and "reaches either $15,000 in value or 30 years or age, it must be rolled into a traditional IRA account”, those two statements are dubious because a Traditional IRA and a Roth IRA are two separate tax-preferred account with two different types of tax treatments. It would mix pre-tax money with post-tax money. I am tagging the statements as dubious. Geraldshields11 (talk) 16:56, 4 February 2014 (UTC)[reply]

Imaginary Economics

Why would the author give any credibility on economic issues to leftist delusions. Reading the article cited in Reference 22 in this entry, it is evident that Jessie Myerson has no meaningful understanding of currency and monetary policy. He seems to think that the US Treasury can simply manufacture money by making a few keystrokes on some "magic money" computers at the Treasury Department. For some good examples of how foolish this thinking is, one need only look at the economic disasters wrought by the leftist economic policies of Nicolás Maduro in Venezuela and Robert Mugabe in Zimbabwe. Maduro thought that he could simply print as much money as he needed to fund his lavish social programs and corruption. This worked as long as he had a real asset (petrodollars) to back it. The decline in world oil price kicked the prop out from under of his monetary delusions and hyperinflation corroded the value of Venezuelan currency. Robert Mugabe thought that he could print money indefinitely to support his corrupt government. In the end Zimbabweans were using large denomination Zimbabwe bills to wipe their asses, because the purchasing power of the face value of the bill was less than the value of the paper it was printed on.

The real reason that leftist activists are terrified of programs like MyRA is that the public might find out that "The Emperor Has No Clothes." Social Security is nothing more than a government-mandated transfer of wealth from the young to the old. As the ratio of retirees to young workers increases, Social Security will become unsustainable. MyRA is unacceptable to leftists because of the danger of putting worker's savings into the exclusive control of the workers and out of the hands of Government Bureaucrats. For millions of working poor, a program like MyRA may be the only opportunity they have to get a real start in saving and investing for their future, which they, and they alone, control.

The Thrift Savings Plan didn't become available to military members until October 2001. I immediately signed up and contributed the maximum allowed by law until I retired from the Air Force in July, 2007. On retirement, I rolled my entire $104,000 TSP into a self-directed Rollover IRA and invested it in individual stocks. I have not added a single dime to that account since I rolled it over; but, using the magic of Compound Dividend Earnings, it's now worth $359,174.64 and earns $17,796.88 in annual dividends that I immediately reinvest into more dividend-earning stocks.

MyRA isn't much of a retirement savings program, but for the young working poor, it may be their only opportunity to build real wealth that they exclusively control. If nothing else, it's a painless way for the working poor to accumulate the $1000 to $3000 minimum required just to open a self-directed IRA.2601:500:8300:EFF:5CEF:12F0:B99B:2B3F (talk) 15:19, 27 October 2016 (UTC)David Kutzler[reply]