The President’s new “myRA” plan is the another step towards the government becoming even further entrenched in your retirement plans. “myRA” will be a voluntary retirement program, at least for now, that is similar to an IRA where the government will guarantee returns for investors. The problem is the government securities that these “myRA” plans will be invested in currently only produce a rate of return of a little less than 2%. That does not even keep up with the Feds rate of inflation. On the other hand something like a 401k or some other investment option has a historical average annual rate of return around 7% – 8%. That would be a loss of 5% – 6% per over the course of your retirement savings. If you only invested in “myRA” that could be tens to hundreds of thousands of dollars depending on how much you save and for how long. Ed Butowsky, wealth manager, financial advisor, and managing partner of Chapwood Investment Management, joins The Blaze TV with Wilkow to discuss how could “myRA” retirement plan be good for anyone and if not what else should I invest in.
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.
Tags: 401k, ed butowsky, financial advisor, government, invest, ira, myra retirement program, president, retirement plans, The Blaze TV, wealth manager