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re: MyRA - Government Backed Retirement Savings Program

Posted on 1/29/14 at 9:16 am to
Posted by OnTheBrink
TN
Member since Mar 2012
5418 posts
Posted on 1/29/14 at 9:16 am to
quote:

once the balance hits 15K, it gets moved to an IRA


Yeah,
quote:

Participants could save up to $15,000, for a maximum of 30 years, in their accounts before transferring their balances to a private-sector Roth IRA.


Was confusing to me. Is it saying you can contribute up to $15K a year for 30 years, or is it saying that for 30 years you can contribute up to $15K, then you have to transfer it?

To me, if all you can contribute is $15K, it is a glorified money market account. To call something a "retirement" account, then only let investors contribute $15K seems a little absurd.
This post was edited on 1/29/14 at 9:24 am
Posted by igoringa
South Mississippi
Member since Jun 2007
11883 posts
Posted on 1/29/14 at 9:18 am to
15K total I believe.

Gimmick bullshite
Posted by geauxbears08
Houston, TX
Member since Jun 2011
224 posts
Posted on 1/29/14 at 10:13 am to
I haven't seen very many details about the plan but I'm already trying to figure out how I can use it to cram more money into my Roth IRA each year via some sort of rollover.
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