MyRA for workers whose employers don’t offer retirement plan

Almost 72 percent of workers earning $30,000 to $50,000 who are offered a workplace retirement plan participate, whereas only 5 percent without a workplace plan open an IRA, according to a study cited by the American Society of Pension Professionals & Actuaries.

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Brian Graff, chief executive of the pension professionals society, says adding another product won’t avert a retirement crisis. “It’s not a supply problem. It’s demand: getting the business owner, who is very busy trying to keep their business afloat, to make this a priority.”

The myRA “moves the needle a little but it’s not going to move the needle a lot until you require employers to have the plan and they do auto enrollment,” Graff says.”