Good Bye MyRA

poverty cycle

 

MyRA was a program started to help young people and the working poor invest for retirement. Contributions could be as low as $5. The hope that young people and people with few resources could take part in investing for retirement (because we all know Social Security isn’t gonna be enough) was a lofty goal. This may have been especially helpful for people of color since we’ve all read the studies about net worth and cycles of poverty.

Unfortunately, the MyRA program will be stopped under the Trump administration. It was never really given the resources to take off. That was the main reason given for its close. The working poor don’t have lots of options to move up the socio-economic ladder and now they’ll have one less option.

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