Last week John McCain came out with the idea to buy up bad mortgages, allow homeowners to get affordable mortgages, and keep homeowners in their homes. The American public is responding favorably to this idea, go here. Now John McCain is coming up with another good idea about reforming 401K rules so that seniors do not end up losing what little money they have left after the toilet flushing traders did this week on our financial markets.
According to The Washington Post, The Trail:
McCain Seeks Reform of 401(k) Rules
LA CROSSE, Wis. — Seeking new ways to respond to the frightening economic collapse, Sen. John McCain proposed today that retirees should not be required to cash in the stocks from their retirement accounts when they reach 70-and-a-half years old.
Current rules require that liquidation of 401(k) plans begin when seniors reach that age. But with stocks collapsing, those accounts are worth far less than many of their owners expected them to be. Under the current rules, they would have to sell at a huge loss.
“To spare investors from being forced to sell their stocks at just the time when the market is hurting the most, those rules should be suspended,” McCain said at a rally here.
McCain has said different things about where that money would come from. During the rally, he seemed to indicate that it would come from $700 billion in federal money already identified as part of the overall economic rescue.
“The funds aren’t new, but the priorities will be when we put the financial strength of our government back on the side of working families,” he said.
John McCain is stepping up to the plate with good ideas to help Americans,
and Barack Obama is denouncing McCain for them.
Who is Leading?
Who is Uniting?
Who are you going to vote for?
Why are we having this conversation?