Obama Announces New MyRA Retirement Accounts

Obama Announces New MyRA Retirement Accounts
President Barack Obama delivers the State of Union address before a joint session of Congress in the House chamber Tuesday, Jan. 28, 2014, in Washington, as Vice President Joe Biden, and House Speaker John Boehner of Ohio, listen. (AP Photo/Larry Downing, Pool)
President Barack Obama delivers the State of Union address before a joint session of Congress in the House chamber Tuesday, Jan. 28, 2014, in Washington, as Vice President Joe Biden, and House Speaker John Boehner of Ohio, listen. (AP Photo/Larry Downing, Pool)

President Barack Obama said he is directing the Treasury Department to create a new type of retirement savings account for millions of Americans that would include a government guarantee.

These investments, which Mr. Obama called "myRAs," would serve as a type of starter retirement savings account for millions of Americans, Mr. Obama said Tuesday in his State of the Union address.

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