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Obama Announces MyRA Retirement Accounts

Wall Street Journal:

President Barack Obama signed a presidential memorandum Wednesday authorizing the Treasury Department to create a new retirement-savings vehicle aimed at workers who don't have access to traditional retirement accounts, such as 401(k)s. That group includes about half the U.S. workforce.

The new type of account, dubbed a "MyRA", will use a combination of Treasury Bonds to guarantee growth in the accounts and Roth IRAs to contribute after-tax dollars so as to make distirbutions from MyRAs tax-free.

Some critics welcome the new type of account that will be available to workers that make less than $191,000 per year, while others are skeptical given that Treasury Bonds generate a return that is currently lower than inflation.

This brief overview of some important considerations associated with living wills and living trusts is by no means comprehensive. Always seek the advice of a competent professional when making important legal decisions.

Steve Cook is an estate planning attorney at Cook & Cook. Although his office is located in Mesa, Arizona, he represents clients throughout the Phoenix, Arizona Metropolitan area including the following east valley cities: Scottsdale, Paradise Valley, Tempe, Chandler, & Gilbert.

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