Subscribe Now

travelers today

Home » News

Obamacare, Step Aside; Blogosphere Squares Off on Obamaretire

Travelers Today       By    Ken Stone

Updated: Jan 31, 2014 07:57 AM EST

Text Size: A A A

Tags
Obamaretire, Obamacare, President Obama, MyRA, pensions, savings accounts, retirement plan
Obama and Boehner before State of the Union
House Speaker John Boehner greets President Barack Obama before Tuesday night's State of the Union.(Photo : Official White House Photo by Pete Souza)

Before the president's State of the Union talk, Myra was an ancient Greek town in Turkey. But now MyRA -- a savings plan unveiled by Barack Obama -- is sparking a Greek chorus of naysayers amid a few thumbs up.

My Retirement Account, a takeoff on Individual Retirement Account, "guarantees a decent return with no risk of losing what you put in," Obama said Tuesday night.

Share This Story

Before you could say HealthCare.gov, bloggers began the analysis -- with one blasting the plan as "Obamaretire."

Some early reviews:

Business Week said: "A path to riches it's not. If it had existed in 2012 it would have produced a return of 1.47 percent, going by what the Thrift Savings Plan earned that year."

Investopedia's Robert England quoted Dallas retirement consultant Alan Glickstein as saying: "It may get some people over the hump who are not currently saving into a world where they are starting to save."

AARP found a fan in Tim Steffen, director of financial planning for Robert W. Baird & Co. in Milwaukee.

 "Anytime you can make it easy for employees to contribute to a savings plan, that's got to be positive," Steffen said. "And payroll deduction is a great way to do it."

But later he said: "This is just added complexity to the retirement savings system. Do we really need yet another form of retirement savings account?"

And Karen Friedman of the Pension Rights Center, an advocate for employees and retirees, called myRA "an important first step in offering an easy, secure place where lower-income people who are not covered by an employer retirement plan can begin to save for retirement."

In the same post, Ed Ferrigno of the Plan Sponsor Council of America called myRA "a pretty good idea. ... This is a positive, working on the assumption there's no mandate."

But speaking of mandates, a Tea Party blog headlined its story 'Obamaretire' -- Government Takeover of Retirement Accounts.

The Obama plan is a "forced government retirement plan," says the blogger known as Sherrie  Questioning All.  She spoke to Jim Willie, a marketing researcher and retail forecaster. 

"He said the bonds won't just include U.S. government debt bonds, but they will also have the toxic Fannie Mae bonds which is still loaded with FRAUD!" 

Less shrill was Nancy Anderson at Forbes.com, who spoke of another mandate:

MyRA needs to be coupled with mandatory financial education around what workers need to know to invest for retirement. This could include how to run retirement calculations, investment education and showing the value of increasing contributions over time.  Then employees would have the tools to use MyRA account as a true starting point to retirement security.  Access to a retirement account through payroll deduction is helpful. Couple it with financial education and it could be powerful.

"Upon hearing about MyRA, many pundits laughed about the program's name," said John Kuo of nerdwallet.com, who posted a tweet by Charles Passy of the Dow Jones subsidiary MarketWatch: "What do a British pianist, a Gore Vidal novel and an Obama retirement plan have in common? They're all Myras."

But remember that other clunky handle?

Apple's iPads seem to be doing OK.

© 2014 Traverlers Today, All rights reserved. Do not reproduce without permission.
Join Our Conversation

ADVERTISEMENT

Travel Tips

Lake Tahoe, NV, Sand Harbor (2) 9-2010

5 Ways to Have a More Active Vacation

For those of us who like to live an active lifestyle here are some tips for staying active while you're on vacation where it can be very difficult.

Subscribe to our newsletter

Receive the latest travel news, reviews, and more..

Want more Travel?

Most Popular

Car

Canada Hit-And-Run Attack Perpetrator 'Radicalized?' Authorities Cite Similar Case Last Year As Basis

The Canada hit-and-run attack suspect, who was killed by the authorities after a long chase, is now believed to have been "radicalized" because of the on-going terrorism in the country.

Eric Matthew Frein

Pennsylvania Man Hunt: Schools Close As Man Hunt Drags On, Eric Frein Spotted In Close Proximity To Schools, Children Unsafe With Man Hunt Ongoing?

Pennsylvania man hunt of Eric Frein has dragged on to its’ second month. Frein is wanted for the murder of a state trooper, Cpl. Bryon Dickson, last Sept. 12. Named as “extremely dangerous” by Pennsylvania authorities, Frein has already been added to FBI’s most wanted fugitives.

ISIS Militants In Syria

Denver Girls ISIS: FBI Reviewing Evidence Against Three Girls Believed To Be Heading To Syria To Join Islamic State Militants: Report

Denver Girls ISIS - At least three girls from Denver have been denied their right to travel after authorities found out that they were heading to Syria via Turkey. The FBI is looking into evidence that could prove the girls' intention of joining the Islamic State militants.

Caribbean Princess, Dublin Port

Ebola-Risk Hospital Worker Boards Caribbean Cruise Ship; U.S. Officials To Limit Their Public Appearances

An Ebola-risk health care worker boarding a cruise ship is being isolated despite not showing any signs and symptoms of the deadly disease while U.S. officials asked the health workers exposed to the Ebola infected patients to limit public appearances.

Defective Takata airbags prompted the recall of about 247,000 Toyota model vehicles.

Takata Airbag Recall 2014: Toyota Withdraw Models For Defective Inflators

Takata airbag defect prompts the recall of several Toyota Motor Corp models in the United States on Monday.

Vials

Cure For Ebola Found: Canada To Ship 800 Vials of Experimental Vaccine, China Claims To Have Found Cure

Cure for Ebola found – Canada is reported to send out 800 vials of an experimental drug set out to cure the Ebola outbreak. The cure for Ebola found is an experimental drug named VSV-EBOV. All 800 vials had been tested on primates and showed positive results.

California Drought Map

California Drought Map Reveals 58% Of State Suffers Deficiency Of Water Supply Amid Imminent Winter Season

California's drought map still shows an alarming phenomenon at the Golden State wherein 58% of the area is suffering from deficiency of water supply, be it atmospheric, surface or ground water.

Daniela Poggiali

Nurse Kills 38 Patients Because She Got Annoyed; Co-Workers Say Italian Nurse Daniela Poggiali Is 'Cynical And Vindictive'

Nurse Kills 38 Patients - Italian nurse Daniela Poggiali is one healthcare professional you should be wary of if ever you get confined in a hospital in Italy. For one thing, she is notorious for killing up to 38 patients after she got completely annoyed of them or of their families.

Cattle Return From Alpine Summer Grazing

World's Tallest Cattle Found In Illinois, How Tall Is Blosom The Cow?

World’s tallest cattle is found in Illinois. Owned by Patty Hanson, Blosom the cow has been named Guinness World Records’ tallest cow. How big and tall exactly is Blosom?

Grizzly Bear

Man, 56, Attacked By Bear Shot Accidentally By Hunting Partner Who Tried To Save Him From The Beast

A man attacked by bear was shot by his friend while the latter was attempting to spare him from the brutal attack of the beast.

Find Us on Facebook

travelers today

© Copyright 2014 Travelers Today All Rights Reserved.

Subscribe to our newsletter
Real Time Analytics