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Episode 154: In response to listener questions, here are my thoughts on the myRA program- it’s a good account for the beginning SAVER.
PROs:
There are no minimums, no fees, and the principle is guaranteed; like a ROTH the gains are forever tax free and the principle is always available without penalty. Long term interest is paid with the benefit of short term liquidity. [NOTE- because the investment is fully guaranteed, there would be NO LOSS of PRINCIPLE should interest rise.]
CONs:
The downside is that there is only one investment option (a US Treasury index) and that the total account value is capped at $15,000.
For the beginning SAVER, the pros far outweigh the cons. [Note the emphasis is on SAVER, not INVESTOR.]
Learn about it at: www.myra.gov
One last comment- for those that use the myRA as a place to park emergency fund savings…they’re over-thinking the issue. Listen to this episode for details.
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Hosted by John Pugliano. The Wealthsteading Podcast teaches 10 wealth building principles to help investors build wealth and attain personal freedom.
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Copyright © 2015 Investable Wealth, LLC. All rights reserved. This podcast is for informational purposes only and is not intended to be a solicitation, offering advice or recommendation of any security. This podcast does not intend to provide investment, tax or legal advice. The content is strictly the observations and opinions of Investable Wealth, LLC. The information in this podcast is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Investable Wealth, LLC is an investment advisory firm licensed in the State of Utah.
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