If you listened to the President during his State of The Union Speech you may recall the part about  'MyRA'. Just what is a MyRA and how can it help you? Will it be a successful program?

If you do not have a pension or a 401K retirement account, a MyRA could help you build a nest egg for retirement. These accounts, much like 401K plans, are designed to guarantee returns on your investments with no fees and tax-free profits.

The LA Times tells us that there may be problems:

But Obama's proposal rests on a pair of uncertain assumptions: that employers would be willing to offer the accounts and that financially stretched low-income workers would agree to participate in them.

In contrast to 401(k) plans, companies would not offer matching contributions, typically the biggest inducement for workers to get involved.

You may still have some questions.

Will this only help higher wage earners and do little for the working poor? Is there such a plan where workers would never lose money? Do lower-income people who have less money to contribute get much less of a tax advantage? Should you just enroll in your company's 401K plan instead?

It appears that it's going to be some time before 'MyRA' becomes a household phrase.

[LA Times]