Obama Plans MyRA Retirement Savings Accounts


Mazzola nailed it:

“Another certified financial advisor shared his concerns. “President Obama’s “MyRA” is another simple-minded response to a serious problem afflicting our nation’s citizenry,” said Daniel G. Mazzola, a certified financial analyst and CPA from Long Island, N.Y. “Is it appropriate to encourage people to invest in long-term Treasury bonds in a climate of historically low interest rates? Will the money deducted be placed in a separate account for each individual or a general trust fund like the Social Security Trust Fund with which the government has access and can use for general expenditures?”

“Is the President unaware that it is relatively easy for a private sector worker to establish an IRA at a local bank or brokerage house?” Mazzola added. “Making it easier for people to set aside money for retirement is a small measure when compared to providing an overall environment in which they have an opportunity to be successful.”


About parrottcpa

Parrott & Associates, Certified Public Accountants Specializing In Business & Individual Taxes, Accounting & Payroll Located in Cumming, Georgia http://parrottcpa.com/
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