WEST MIFFLIN, Pa. (AP) — With a stroke of his pen, President Barack Obama has created a new savings plan designed for Americans who don't have workplace retirement plans.
Obama took to a Pennsylvania steel plant Wednesday to sign an order to create the "myRA" program in which workers could contribute as little as $5 from their paychecks. The idea is to offer a "starter" account to let people begin saving even if they can't afford the large initial investment often needed for a private, commercial retirement account.
Obama says every working American should be able to feel some security.
Obama's action comes the day after he announced the idea in his State of the Union address.