The present invention is directed to a magnetic memory element including a magnetic free layer structure having a variable magnetization direction perpendicular to a layer plane thereof; an insulating tunnel junction layer formed adjacent to the magnetic free layer structure; a first magnetic reference layer comprising cobalt, iron, and boron formed adjacent to the insulating tunnel junction layer; a second magnetic reference layer comprising cobalt separated from the first magnetic reference layer by a molybdenum layer; an iridium layer formed adjacent to the second magnetic reference layer; and a magnetic fixed layer structure formed adjacent to the iridium layer. The magnetic free layer structure includes a first and a second magnetic free layers with a perpendicular enhancement layer interposed therebetween. The first and second magnetic reference layers have a first invariable magnetization direction perpendicular to layer planes thereof. The magnetic fixed layer structure has a second invariable magnetization direction opposite to the first invariable magnetization direction.