The Obama-era myRA program, which was designed for those who didn't have access to a 401(K) or other retirement plan at work, is being shut down by the Treasury Department, reports the New York Times.
According to the Times, "Jovita Carranza, the United States Treasurer, said in a statement that demand for the accounts was not high enough to justify the expense. The myRA program has cost $70 million since 2014, according to Treasury, and would cost $10 million annually going forward."
President Barack Obama first announced myRA, short for my Retirement Account, in 2014 and the plan launched nationwide in November 2015. Since, 30,000 participants had contributed a total of $34 million.
It was geared towards lower-income workers who didn't have a lot of savings and it operated similarly to a Roth IRA. You could contribute after-tax earnings — up to $5,500 a year (or $6,500 for those age 50 or older) — that could be withdrawn tax-free for retirement.