President Obama introduced a new retirement savings vehicle that he called a “MyRA” in his State of the Union address on Tuesday evening, and the White House has followed up with more details on Wednesday about it.

“Let’s do more to help Americans save for retirement,” said Obama. “Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401(k)s. That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in.”

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New York CPA Reactions

A group of New York State Society of CPAs members offered various reactions to the President’s MyRA proposal.

“The concept sounds great and it has the potential to build a foundation for people to begin saving for their retirement,” said David Young, CPA, a member of the NYSSCPA’s Rochester Chapter.  “The challenge could be in the implementation for the employers and employees.  The cost of the implementation and administration may outweigh the benefit gained from the ‘My RA’ program.” (read full article)