Well, when the President talked about the State of the Union, I didn’t think he would start talking about any women (except maybe Michelle), but right in front of his wife he started talking about his new girl, MyRA. Who is this chick, anyway? Well, look at this post in USAToday by Gregory Korte and John Waggoner to find out more about the Obamas’ new main squeeze (apparently Michelle is ok with her, too):

http://www.usatoday.com/story/news/politics/2014/01/28/obama-state-of-the-union-myra-savings-plan/4992743/

There are some big plusses and potential minuses to this new retirement savings plan – you can only put your retirement money into low return assets that the Federal Government guarantees will not lose money, but probably not make much money either. This is effectively a Roth IRA with low initial contributions (its investing limits and income limits are just like a Roth) with only one investment option until you accumulate $15,000 – then you have to change to a regular Roth IRA. It is a nice idea to start people saving with low contribution minimums, but it is more of a gimmick than a new idea. Be careful, this girl could break your heart if you want a large nest egg when you retire!

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