Lower Earners Just Lost a Key Retirement-Savings Option

When it comes to retirement savings, the statistics are often dire: One in three Americans has no money set aside for the future, while more than 40% of baby boomers nearing retirement have yet to begin building a nest egg. These trends helped spur the myRA.

Introduced during the Obama administration, the myRA was designed to help workers without access to a 401(k) plan save money for retirement. Since the average American can't survive on Social Security benefits alone, especially with the typical recipient collecting just $16,320 a year in payments, a lack of independent savings could spell serious trouble for innumerable seniors. The purpose of the myRA, therefore, was to give workers a much-needed push toward personal savings.

IMAGE SOURCE: GETTY IMAGES.

Source: Fool.com