October 10th, 2008
12:00 PM ET
6 years ago

McCain makes new 401k proposal

 McCain has proposed another economic change.
McCain has proposed another economic change.

(CNN) – John McCain proposed suspending the requirement that investors begin drawing down their IRAs and 401Ks soon after age 70, his second major economic proposal of the week.

"We must also protect investors ­ especially those relying on their investments for retirement," McCain told the crowd at a campaign event in La Crosse, Wisconsin Friday.

"Current rules mandate that investors must begin to sell off their IRAs and 401Ks when they reach age 70 and one half. 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."

Listen: Later Friday afternoon, senior McCain advisor Doug Holtz-Eakin offered more information on the plan


Earlier this week, McCain unveiled a $300 billion plan for the government to purchase mortgages at full value from banks and directly re-negotiate the terms with homeowners. The plan has drawn criticism from economists and from the Obama campaign, which has charged that it would mean major profits for lenders and saddle taxpayers with the cost.


Filed under: John McCain
soundoff (283 Responses)
  1. PHIL-TEXAS

    THAT HAS ALREADY BEEN TALKED ABOUT WHEN THE BAIL OUT FIRST STARTED AND IT WASN'T A REPUBLICAN WHO SAID IT. JUST MORE DESPARATION FROM THE MC CAIN CAMP.

    I AM VOTING FOR THAT ONE GO O AND JOE

    October 10, 2008 02:18 pm at 2:18 pm |
  2. Jeff

    Senator, you're out of touch. Someone needs to get you back to reality. Retiree's shouldn't even have their money in the stock market!

    October 10, 2008 02:20 pm at 2:20 pm |
  3. Ryan

    It's pretty clear at this point that McCain is just swinging wildly with his eyes closed. His lack of a coherent strategy throughout the campaign is mindboggling. It's almost as if he's playing a game to see how many votes he can get while making the worst decisions possible.

    October 10, 2008 02:20 pm at 2:20 pm |
  4. hannah

    If John McCain wins this election, NONE of us will ever have to worry about 401K's, IRA's, food, gas, housing, or healthcare! He will immediately proceed to begin yet another WAR with Iran, and NO ONE WILL EVER SURVIVE!!

    October 10, 2008 02:21 pm at 2:21 pm |
  5. Marcel

    This would be a good idea for the baby boomers who were planning to retire this year. Oh wait, this won't help them AT ALL since most of them have lost more than 6% on their 401k. As always you are way too late. Just like you were late on your ideas about Iraq. Sounds a little Bushy to me....

    October 10, 2008 02:21 pm at 2:21 pm |
  6. Tired of McCain/Palin Negativity

    McCain doesn't know what HELL he's talking about nowdays. I tell you fellow American's this is the first sign of John McCain going senile. McCain comes changes everyday, I can't keep up with these over the top ideas. Even his own party has started to question his judgement.

    1) First, he's canceling his campaign to bring his party together and that didn't work
    2) Second, He'll buy up all the bad mortages with another 300 Billion
    3) Third, NOW he's another ASININE idea for the 401K

    I TELL YOU MY FELLOW AMERICAN'S RUN TO THE POLLS, DON'T WALK, RUN FOR CHANGE BECAUSE GOD HELP US ALL IF MCCAIN/PALIN GETS INTO OFFICE.

    OBAMA/BIDEN '08

    October 10, 2008 02:21 pm at 2:21 pm |
  7. Oren

    To Gail AL. you must be joking. Obama wants to get Osama Bin Laden just as badly as any other American. Don't believe everthing you hear from McCain Palin. They are just playing you for a fool and sad to say, it sounds like you are falling for it.

    October 10, 2008 02:22 pm at 2:22 pm |
  8. Brain in DC

    Encouraging a run on the 401K bank now? Talk to your friend Bush about that!

    October 10, 2008 02:23 pm at 2:23 pm |
  9. Peter

    McCain should think before he talks, people don't have to sell there stocks to take there RMD (required minimun distributoin). People can take distributions in Stock or mutual funds to a non-IRA account. Making it so they can wait for the stock/mutual fund to increase in value and then liquidate.

    Obama/Biden 08

    October 10, 2008 02:23 pm at 2:23 pm |
  10. chuck in ontario

    John McCain is sick in BODY<SOUL<and SPIRIT.

    October 10, 2008 02:23 pm at 2:23 pm |
  11. Steve

    John – you had my vote!

    I have now lost confidence in you! You failed the test. You became too cynical and dishonest for my vote. I don't know who you are anymore. You seem to be saying anything to get votes.

    THAT EQUALS DISASTER FOR OUR NATION!

    October 10, 2008 02:24 pm at 2:24 pm |
  12. ber6964

    Preaching to his base again over 70 yr old people that think that a bi racial man should stay in his place!! Great Idea McCain!!

    October 10, 2008 02:26 pm at 2:26 pm |
  13. Debbie

    McCain, you were once a Hero
    Now you are a Zero

    October 10, 2008 02:26 pm at 2:26 pm |
  14. John, Austin TX

    I'm so confused. What is McCain doing now? He rolls out a new plan as often as he changes his diapers.

    October 10, 2008 02:27 pm at 2:27 pm |
  15. SAD DAY IN AMERICA

    This campainge the MCcain is running has got to stiop seriously think about it this man is a war monger and whether it be here or abroad at this point it makes no difference to maccain. have you guys notice that cynical smile he and sarah have when their supporters strats yelling this hatred please take a closer look nat their breaction i,m telling you guys this is getting out of controll if this is how they handle their campainge is this turly hopw you would likje to see the country ran seriouly all jokes aside

    October 10, 2008 02:27 pm at 2:27 pm |
  16. Mike

    This, finally, is a good idea from McCain. (not having to cash out of 401k after age 70)

    It's not enough, it won't change my vote, and it doesn't come close to compensating for his filthy and dishonorable campaign, but it is a good idea and I acknowledge it.

    October 10, 2008 02:27 pm at 2:27 pm |
  17. A Boston

    This dude is unbelievably desperate. He's just offering rough drafts he wrote up the night before.

    OBAMA/BIDEN 08

    October 10, 2008 02:27 pm at 2:27 pm |
  18. Dave

    Read the fine print folks! McCain is good at coming up with knee-jerk reactions, but I'd bet money that he hasn't even figured out what his own proposal would mean for taxpayers!

    October 10, 2008 02:29 pm at 2:29 pm |
  19. Farrell, Houston, Tx

    MCCAIN AND PALIN SHOULD START A "GOSSIP" MAGAZINE, THAT'S WHAT THEY'D BE REALLY GREAT AT SELLING GOSSIP.

    October 10, 2008 02:30 pm at 2:30 pm |
  20. O L

    Years of corruption, greed and mismanagement (of lack of) of the economy has brought us to the brink of an economic collapse. Thousands of jobs have moved overseas under the umbrella of free enterprise, our banks are failing day by day and our Treasury is spending $10 Billion dollars a month in Iraq alone. The Republican administration of the last 8 years has been a complete failure and John McCain knows that. His policies will just be a continuation of a discredited and failed political philosophy of deregulation and unfettered market capitalism. And now, when the Republican strategists see that all is lost, they are launching a disgraceful campaing of character smear the likes we have not seen in our political scene for a long time. Let's hope the American public see through this charade and we get the change this great country deserves.

    October 10, 2008 02:31 pm at 2:31 pm |
  21. Debbie

    My 401k is worth almost nothing, I don't have enough money saved as I had put both my children through college. Although they are out of the house, the house is not paid off. My husband's job has laid off over 150 persons last month and it is a small company. I work but I do not make the kind of money needed to sustain the bills. I am not overly in debt, pay with cash but still it is hard.

    I only have one house...

    October 10, 2008 02:33 pm at 2:33 pm |
  22. JOHN MCCAIN CONSPIRACY THEORIST!!!

    Keep spreading that hate and getting your lynch mob all riled up John. We'll be over here trying to get our country back on track. Maybe taking a peek or two to see how much your campaign of fear and division helps our guy Obama out on the electoral map. Let Steve Schmidt's pitbull Palin keep on barking. Everytime she barks, we donate and organize.

    October 10, 2008 02:35 pm at 2:35 pm |
  23. Listen Up...

    No. McCain reminds me of Mr. Burns from the Simpsons. Everytime he says "My friends" I have to check my wallet to make sure what's left of my money is still there.

    He has lowered his campaign to the bottom of the pit. The only place for him is to start having cross burnings at the remaining rally and giving out complementary McCain-Palin 08 torches and pitch forks!

    The fact that he would wage this type of war against Obama during this terrible economic moment for this country, rather than showing what the steady hand at the tiller does makes him and his hand puppet totally unfit and unworthy for POTUS.

    I am fed up and I approve this message.

    October 10, 2008 02:36 pm at 2:36 pm |
  24. Mohamed from Virgina

    According to public records, McCain and Cindy received a marriage license in Maricopa County, Ariz., in early March 1980, four weeks before his divorce from Carol was final. A judge in Florida dissolved the McCains' marriage April 2, entering a default judgment after Carol failed to respond to three court summonses. John and Cindy were wed six weeks later, on May 17.

    abdisalaan@hotmail.co.uk

    October 10, 2008 02:37 pm at 2:37 pm |
  25. Papasan in Arizona

    This is further evidence of McCain's disturbing love affair he has with himself. He will never take responsibility for the BANKING DEREGULATION mess! McCain wants the American Public to trust his financial wisdom? Wake up John, we still remember your KEATING FIVE disgrace!

    October 10, 2008 02:39 pm at 2:39 pm |
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