NEW YORK (AP) — A savings program put into place under President Barack Obama and designed to get more people to put away money for retirement is being killed.
The savings program, called myRA, was created about two years ago to give people without access to a 401(k) or other retirement plan from their employer a way to put money away. The myRA accounts had no fees or minimum deposit.
The U.S. Treasury Department said Friday that that the program was too costly and that demand was “extremely low.” It says myRA savers had put away about $34 million and that the program cost taxpayers nearly $70 million.
The Treasury is advising those with existing accounts to transfer money to another retirement account, known as a Roth IRA, at a bank or brokerage firm.
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