The Houston Chronicle spoke with Gardere Partner Michael A. Abbott regarding myRA, a national government retirement savings option recently introduced by the U.S. Department of the Treasury. The program is designed for first-time retirement savers and allows individuals to contribute through automatic paycheck deductions, federal tax refunds, or one-time or recurring payments from personal checking or savings accounts.
According to Mr. Abbott, there is no risk of losing money with myRA since participants are unable to invest their savings in stocks, and the option is cheaper than a private-sector Roth IRA. "It's a start for people who don't have options," Mr. Abbott said.
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