(Newswire.net — February 12, 2014) Austin, TX — In The Elevation Group’s newest video founder Mike Dillard talks with Trust Equity’s Richard Desich about president Obama’s MyRA retirement plan proposal. They first discuss the many issues American’s are having with saving for retirement, especially from lower income brackets, and Rich reveals that “50% of the workers in the United States don’t have a retirement plan program, and 75% of part time workers don’t have any sort of retirement program.” Further discussing the program the duo express how people in the lowest economic brackets would get the most out of the MyRA program but that everyone would benefit from this program.
In Mike Dillard and Rich Desich’s dialogue they talk about the program’s intentions which primarily is for people in the lowest income brackets. These people really struggle with saving money, have low salaries, and don’t have the mindset to put that money away for retirement. Additionally, these people spend excess money rather than invest or save for their futures. The MyRA program, which stands for My Retirement Account, would be set up through payroll deductions and initial investments can be as little as $25 up to a maximum of $5,500 a year. Individuals can have it auto deducted from their paychecks and Rich suggests “starting small with $5, $10, $15, or $25 a week to get people the habit of saving for their retirement.” However, in one particular segment Mike Dillard questions why someone would benefit from the MyRA program and states “I really don’t understand the difference between putting money into this program versus a regular checking or savings account that can then be put into a normal IRA program, the stock market, or whatever it may be.”
In the video Rich expands his explanation on the MyRA program to include how it benefits folks who don’t have the tendency to save by giving them an instrument to become part of the saving program. This program would not only benefit people in the lower income but also America as a whole by making people more self-reliant and becoming part of the savings mentality. Lowering the number of people without a retirement program, which again is currently 50%, would get more people under the savings umbrella, get people into the habit of saving, and eventually from a macro sense help all of us as Americans. In Rich’s conclusion of the MyRA program he states “It’s a really good proposal, a good start, and I hope they propose additional programs like this because it really will benefit us all.”
The full video can be accessed and viewed here: Is Obama’s MyRA Program An Obamanation?
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About: The Elevation Group was founded by two successful entrepreneurs, Mike Dillard and Robert Hirsch, who watched their friends and family members experience pain, fear, and loss during the financial crisis of 2008, while noticing that the rich grew even richer during the same period. Since then, The Elevation Group is the fastest growing financial education company on the planet, teaching people new ways to think about wealth. They have taught more than 50,000 members since 2010.