Trump Ends Obama-Era Retirement Savings Program For Low-Income Americans
Trump takes away retirement program for poor Americans.
The Trump Treasury Department announced on Friday that it will end an Obama-era savings program aimed at designed to help low-income workers save money for retirement.
The Treasury Department said demand was low and the cost was high for the myRA program, which was rolled out nationwide by the Obama Administration in 2015 to provide an option for those without employer-based retirement plans.
Since it was created, participants have opened about 20,000 accounts and deposited $34 million with the myRA program.
There are another 10,000 open accounts without any contributions.
The program was announced by President Obama during his 2014 State of the Union address.
The myRA program was part of a broader Obama administration effort to support low and middle-income retirement savers.
[image via Twitter]
