FACT SHEET: Opportunity for All: Securing a Dignified Retirement for All Americans

The White House

Office of the Press Secretary

For Immediate Release

January 29, 2014

Creating the “myRA” – a Simple, Safe, and Affordable Starter Savings Account to Help Millions of Americans Start Saving for Retirement

 * Year of Action: Making Progress Through Executive Action *

To build lasting economic security, the President will act on a set of specific, concrete proposals to expand opportunity for all Americans. In the State of the Union, the President announced that he will use his executive authority to direct the Department of the Treasury to create “myRA” – a new simple, safe and affordable “starter” retirement savings account that will be offered through employers and will ultimately help millions of Americans begin to save for retirement.

*  Continuing to Work With Congress on the President’s Existing Proposals to

Make Sure That All Americans Can Have a Dignified Retirement  *

The President remains committed to working with Congress to help secure a dignified retirement for all Americans. While Social Security is and must remain a rock-solid, guaranteed progressive benefit that every American can rely on, the most secure retirement requires a three-legged stool that includes savings and pensions. That’s why the President is using his executive authority to create the “myRA” and has already proposed to work with Congress on the following proposals to help Americans save for their retirement:

-----  Making Sure the Auto-IRA Works for Workers and Small Businesses. Workers would not be required to contribute and are free to opt out. Employers would also not contribute. The plan would also help defray the minimal administrative costs of establishing auto-IRAs for small businesses, including through tax incentives.

* Importance of Securing a Dignified Retirement for All Americans *