US government's retirement savings plan seen as a good starter

MYRA (My Retirement Account), the Obama administration's free, guaranteed-return starter retirement account has been launched nationwide on Nov 4.

The government-backed plan is an option for the tens of millions of US workers whose employers don't offer a retirement savings plan.

MyRA accounts are open to anyone earning an annual salary of less than US$131,000, or US$193,000 if they are married and file taxes jointly. There is no minimum to open an account, as with an IRA (individual retirement accounts that can give tax savings), and no fee to open one.