The government has always been very keen on encouraging the citizens of the country to save for retirement. The president has recently introduced another way to make Americans believe that saving for their post-retirement lives is an absolute must. The new myRA accounts allow employees to save up to around 15 thousand dollars in an investment plan that doesn’t even have any substantial fee and guarantees the payee, the principal too. There might be retirement crisis awaiting us in the longer run but this could prove to be a step in the right direction.
Manage your retirement savings properly:
- Also Read: 3 Reasons Certain Federal Employees Can Retire Years Earlier Than Their Peers Without Penalties
- Also Read: CSRS Retirement in 2024: Are You Making the Most of What This Classic Plan Has to Offer?
- Also Read: Roth IRA Basics for Beginners: What’s There to Learn?
This is all because we don’t have a fulfilling plan available at our disposal. We need a plan that encompasses all our needs. As proposed by the New York Times, a guaranteed retirement account could be the way to go. According to this plan, all the officers will be able to make regular additions to this account which will then continue to add up until they reach their retirement age. It subsequently can pay out a great deal of money until the person or any of their beneficiaries dies.
The current system does have some good retirement savings plans but unfortunately none is good enough to match and cover the needs of each and every single employee. In this regard, if this proposed plan is given attention, and subsequently implemented, then it can go a long way in making sure that people save their retirement funds a lot more effectively.
