1. A spin-current switched magnetic memory element, comprising: a plurality of magnetic layers, comprising: a fixed magnetic layer having a fixed magnetic moment; and a free magnetic layer having a magnetic moment which is switchable by a spin-current; and a barrier layer formed between said fixed and free magnetic layers, wherein said plurality of magnetic layers includes a perpendicular magnetic anisotropy component, H p , with a magnitude sufficient to at least substantially offset an easy-plane demagnetization effect 4πM s , where M s is a saturation magnetization, such that said perpendicular magnetic anisotropy component, H p , reduces an amount of spin current needed to rotate said magnetic moment of said free magnetic layer out of the film plane, and wherein said perpendicular magnetic anisotropy component, H p , comprises one of: an interface-induced perpendicular magnetic anisotropy component which originated at an interface within a multilayer structure in the free magnetic layer; a strain-induced perpendicular magnetic anisotropy component which originated within at least one of the fixed magnetic layer and free magnetic layer; and a crystalline anisotropy-induced perpendicular anisotropy component which originated within at least one of the fixed magnetic layer and free magnetic layer.