Obama promotes retirement savings plan on State of Union road trip

U.S. President Barack Obama greets a worker as he tours Costco Wholesale in Woodmore Towne Centre in LanhamBy Jeff Mason WEST MIFFLIN, Pennsylvania (Reuters) – President Barack Obama set in motion a plan to help middle-income Americans save for retirement on Wednesday on a road trip to highlight themes from a State of the Union speech devoted to narrowing the gap between the rich and poor. At events at a U.S. Steel plant near Pittsburgh and earlier at a Costco retail store in outside Washington, Obama made good on his promise in Tuesday’s speech to focus on reducing income inequality – with or without the cooperation of Congress. Obama signed a presidential order directing Treasury Secretary Jack Lew to establish a government-backed investment option called myRA that permits people with little to no savings to set aside as little as $5 in payroll deductions. “If you worked hard all your life, you deserve a secure retirement,” Obama told about 1,500 plant workers.

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