The New "myRA" Savings account

As America ages the concern for adequate retirement savings provided my taxpayers themselves is an important concept.In his State of the Union address, the president talked about creating a new retirement savings vehicle called a “myRA”. This new savings idea is designed to be a simple and affordable “starter” savings account to help low and moderate income taxpayers save for retirement. The president through executive action has directed the Treasury Department to create this retirement savings vehicle. Approximately half of all workers and 75% of part-time workers are not included in employer sponsored retirement plans. The myRA will be available to these employees and is intended to help taxpayers save for retirement. The principal protection of these plans is that the account balance will never go down as such accounts will be backed by the US government similar to savings bonds. There will be no fees associated with contributions and tax-free withdrawals will be permitted at any time. These accounts are to be portable and taxpayers will have the option of rolling them over into private sector retirement accounts. The account will earn interest at the same variable interest rate that federal employees receive through the Thrift Savings Plan(TSP) Government securities investment fund. Taxpayers can start such an account with an initial investment as low as $25 and contributions as low as five dollars can be made through automatic payroll deductions. Participants can save up to $15,000 in their myRA account before transferring the balance to a private sector IRA. These accounts will represent little or no cost to employers since employers do not administer nor contribute to the accounts. A my RA pilot program will begin later this year and will be available nationwide in 2015.

Getting to Success

Success is a destination that most anyone can reach. It's not on any screen and no app yet will get you there. After 40 years of practicing law and 32 years teaching in the University and studying the subject from many angles I here present a road map to actually getting to success:

A positive attitude is essential; Are you a pessimist?

A positive attitude can be learned. (See: Learned Optimism-Seligman)

Set specific goals; use posted notes; create positive affirmations; recite them daily

Watch what you feed your brain; news programs are problem based not solution based.

Obtain self help books and tapes; listen to them in your car; admit the problem is you

Culture a sense of humor

Watch who you associate with; who are your real friends?

Create a "salon"- Hang out with smart people

Write, plan and learn. Keep a journal; Develop your creativity

Do what you love one hour a day for a year; you will be amazed at the results.

Most college courses do not train for success; Seek out those that do! Demand that they be taught!

Take personal control and responsibility for your own success.

Spend 30 minutes a day learning new things

The reality is, most people do not really want to do the work to succeed