Jan. 28 (Bloomberg) — President Barack Obama offered more Americans the chance to save for retirement through payroll deductions with a plan for new government-sponsored savings accounts.
The accounts, which Obama announced tonight in a State of the Union Address that concentrated on expanding economic opportunity, will be available to workers who don't have access to a 401(k) plan, administration officials said.
The “MyRA” accounts, similar to an individual retirement account, will provide “a new way for working Americans to start their own retirement savings,” Obama said in the text of the speech released by the White House.
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