President Barack Obama gives his State of the Union address on Capitol Hill in Washington, Tuesday Jan. 28, 2014. (AP Photo/Charles Dharapak)
In his fifth State of the Union address, President Barack Obama urged Congress to help restore opportunity for Americans, but pledged to take action himself.
In an effort to bolster retirement security, he announced that he will use his executive authority to direct the Department of the Treasury to create "myRA," a starter savings account to help people prepare for retirement.
In case you missed it, here's an excerpt from his speech:
"Let's do more to help Americans save for retirement. Today, most workers don't have a pension. A Social Security check often isn't enough on its own. And while the stock market has doubled over the last five years, that doesn't help folks who don't have 401ks. That's why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It's a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in..."
For a more in-depth explanation of "MyRA," read the White House issued FACT SHEET: Opportunity for All: Securing a Dignified Retirement for All Americans.
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