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A good deal in myRAs, but ...

President Obama said authorized the myRA savings plan.
President Obama said authorized the myRA savings plan.Credit: istockphoto

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I’m an advocate for just about anything that will help people save for retirement. These days we are pretty much on our own, so I am hopeful that a new starter savings account will help people jump-start their retirement savings.

Experts used to talk about the sources of retirement income — employer-provided pensions, Social Security, and personal savings — as a three-legged stool. Now it is more like a bicycle. People are going to have to balance most of their retirement income on their personal savings and whatever they may get from Social Security.

But here’s the thing. When left alone, many people won’t set up retirement accounts. Having retirement plans initiated by employers encourages people to save. But only about half of all workers have access to an employer-based retirement plan such as a 401(k), according to the Treasury Department.

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