Retirement a dream for most Americans

By Matt Porter

January 30, 2014 Updated Jan 30, 2014 at 7:55 PM EDT

Town of Union, NY (WBNG Binghamton) Carrying trays full of cookies and cupcakes, Jennifer Picciano isn't afraid of a little hard work.

In fact, the single mother works three jobs to pay the bills and provide a life for her two kids.

But, her bottom line doesn't leave much for savings.

"I'm just trying to live today, take care of what needs to get done today," Picciano said. "I'll worry about tomorrow, tomorrow, I guess."

Picciano is one of the four out of five Americans who say they expect to work into their retirement age according to surveys made by the Associated Press-NORC Center for Public Affairs Research.

In his State of the Union Address this week, President Barack Obama called for a new type of IRA savings account backed in full by the United States Government.

Picciano said a guaranteed savings account would be more attractive than gambling in the stock market.

"You put your money someplace and it's not going to be there when you go to get it. And then what do you do," she said.

The president calls the program a "myRA" where the money would be invested in U.S. Treasury Bonds.

The same place where Congress and the president have retirement accounts invested.

Investment broker Jack Cheevers said the best part of the new program is its safety.

"The advantage of course is you can't lose any money on it," Cheevers said.

He said today's economy requires individual investment in savings accounts like a 401k or IRA if you wish to retire.

"Well let's face it, pension systems have pretty much gone by the boards," Cheevers said.

He said the president's plan is only a start.

The myRA would have a limit of money able to be deposited and raised.

"Very bluntly, it's only a drop in the bucket," Cheevers said. "But it is something if you can get people to understand to set something aside."

The program would be aimed at lower to middle income workers who don't already have retirement savings.

The plan has attracted support from all over, including New York Congressman Richard Hanna.

"More and more we are going to be required to save through 401ks, all sorts of other personal accounts, private and otherwise," Hanna said. "Anything that adds to the mix and helps people save for retirement, I'm in favor for."

For Picciano who juggles three jobs, she's not betting on a retirement.

"I hope I keep my looks because I think I'm going to be at this until I'm 80," Picciano said.

No exact details on the president's plan have been released.