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. a southern bell

    WHAT 402KS SCUM BAG ?

    WE DON'T HAVE ANY MORE OF THEM.

    THEY EQUAL 0.

    THANKS TO YOU & YOUR PAL BUSH.

    October 10, 2008 01:22 pm at 1:22 pm |
  2. Bruce

    I really feel very sorry for all the people in this country that are retired or were planning to retire this year. The Bush / McCain policies have robbed them of their golden years over 30% of their dream has gone down the drain. All McCain and Palin can do is sling MUD and pipe dreams of holding your 401K untill you are over 70 years old. Nice if you can afford to live on nothing for so long. and NOTHING is all that is left for too many people.

    McCain JUST DON'T GET IT. OUT OF TOUCH!! OUT OF IDEAS!

    October 10, 2008 01:22 pm at 1:22 pm |
  3. CA Senior, San Jose

    Some of us do not need to pay taxes on our relatively small mandatory
    distributions because our yearly income is not that great. Under Oama's plan even fewer will need to pay taxes on their distributions. I do not agree with McCain that it would help the economy.

    October 10, 2008 01:23 pm at 1:23 pm |
  4. Voter in Wisconsin

    I wonder if McCain knows that you don't have to begin withdrawing from several types of IRA's at any age.

    October 10, 2008 01:23 pm at 1:23 pm |
  5. SOUTHERN HOTTIE

    FRED SANFORD TO SENATOR MCCAIN:

    "YOU BIG DUMMY!"

    October 10, 2008 01:23 pm at 1:23 pm |
  6. Peter (CA)

    Sen.McCain, this seems like a prudent, useful idea. Why not stick to stuff like this instead of the hate and bile you and Palin have been spouting lately?

    TRUE AMERICAN-I hope not. I hope this kind of American stays in the wood sand doesn't come out.

    October 10, 2008 01:24 pm at 1:24 pm |
  7. patriot

    Obama staffers–Please check this idea out. If it flies, go with it! McCain has no copyright on it!

    I am not opposed to taking good ideas now matter which side proposes them.

    October 10, 2008 01:25 pm at 1:25 pm |
  8. jean

    John McCain is a pure idiot.

    October 10, 2008 01:25 pm at 1:25 pm |
  9. Judy

    Now John McCain makes a new proposal about 401K. How long is this going to be before he flip flops on this idea. He is in such a hurry to get plans out there fast, that he does not think things out. He reminds me of Bush rootin tootin shotin cowboy. Shoot first ask questions later. No stability to this man. He wants us to trust him and vote for him, yet he gives us reason to worry with his flip flopping of ideas. His wife Cindy states Obama is playing dirty, what does she think her husband is doing? Again, like Palin double standard. Ok to sling mud, just don't do it back to them. Sick of his lies,tricks and smears.
    I have not had a President for 8 years. Looking forward to the day I can say "I finally have a President".

    October 10, 2008 01:25 pm at 1:25 pm |
  10. Barbara

    Suck it up McCain and Palin. Looks like the two of you will be joining all the other Americans in congratulating our new President after the November 4th election. LIKE IT OR NOT, he will still be YOUR President of the United States.

    GOTCHA!!!!!!!!!!!!!!!!

    October 10, 2008 01:25 pm at 1:25 pm |
  11. Bruce, Chicago

    Bruce (Above) You are an embarrasment to our good name. Extending the deadline that you must begin to draw on a 401K is not a bailout for the rich. My Dad is approaching that age, never made close to six figures, not one of the "rich" you speak of. Why should he be forced to get out of stocks that are extremely depressed right now? Can't we at least temporarily give those who have worked hard a break so the market can have time to correct itself, at least a little bit? And your Ayers argument? I'm just shaking my head. You are a sad man.

    October 10, 2008 01:26 pm at 1:26 pm |
  12. David Goldman for OBAMA

    DUDE YOU SHOULD TAKE A REST OF

    OF LETS SAY ABOUT A 100 YEARS.

    ITS HOW LONG IT WILL TAKE US TO RECOVER.

    WE DON'T NEED ANY MORE FINANCIAL ADVISE

    FROM YOU & GEORGE.YOU BOTH HAVE DONE ENOUGH FOR US.

    October 10, 2008 01:26 pm at 1:26 pm |
  13. ANGIE

    Will he flip flop on this in an hour or a day I wonder how long it takes until he changes his mind on this?

    October 10, 2008 01:26 pm at 1:26 pm |
  14. paul

    So the Great Maverick turns Ultra-Liberal. For what? In a desperate move to get elected.

    Sorry John. Your performance over the last few weeks, not to mention Palin's outrageous claims, has convinced me... I now fully support Obama/Biden.

    October 10, 2008 01:27 pm at 1:27 pm |
  15. True American

    @ True Americans for McCain – please go crawl back under the rock you came out from under, and take your rascist hate-mongering with you – you can join McCain and Palin at their KKK rallies....

    October 10, 2008 01:27 pm at 1:27 pm |
  16. 12 HOUSES to 0

    I HAVE SOME ADVISE OF MY OWN.

    YOU, DICK & GEORGE CAN GO TO HELL.

    YOU CAN TAKE YOUR SLEAZY VP PICK

    AND YOUR PILL POPPER WITH YOU.

    October 10, 2008 01:28 pm at 1:28 pm |
  17. McHoover Will Destroy What is Left of America

    McCain/Palin remind me of a fish on the bottom of a boat, flopping around, hopelessly trying to get back into the water.

    October 10, 2008 01:28 pm at 1:28 pm |
  18. Spencer/Commonwealth of Virginia

    You have a lobbyist leading your transition team John? What's up with that??? I get the chills just knowing that. Since you like to bring up the Ayers thing every day, your judgement clearly shows me that you don't do any background checks on the people in your campaign. You are more of the same! That's definitely not the change the country needs.

    OBAMA/BIDEN 08

    October 10, 2008 01:28 pm at 1:28 pm |
  19. Brian NYC

    Who cares?? Is this all the man can think of? He finds something relating to his own age. There are very few Americans of the age 701/2 that actually have money that they are holding on to. Let him keep throwing stuff.

    October 10, 2008 01:28 pm at 1:28 pm |
  20. MICHAEL RAE

    ANOTHER ONE FOR KEITH ON MCAIN ON THE MEMBRAINE. IT WOULD BE SO BAD IF IT YOU DIDNT SOUND SO DESPERATE. I MEAN YOU LOOK LIKE A GRUMPY OLD MAN WHINING KNOWING THIS IS YOUR LAST SHOT AT THE WHITE HOUSE AND THE REALITY OF YOU NOT GETTING IT IS SINKING IN. SO GET A GRIP MCAIN AND LIKE THE STEVIE WONDER SONG SAYS,"GO HOME AND DONT YOU EVER COME BACK ROUND". BECAUSE IT LOOKS LIKE THAT ARIZONA SUN HAS HAD AN EFFECT ON YOU MENTAL FACULTIES.

    October 10, 2008 01:28 pm at 1:28 pm |
  21. Ohio Independent

    Mr Erratic is at it again. Notice that there is "rat" in erratic. I used to have respect for McCain but no more. Barack Obama and Joe Biden is the ticket that I want to lead this nation...

    October 10, 2008 01:28 pm at 1:28 pm |
  22. Phil in KC

    I hate to say it, but it's not a bad idea.....

    October 10, 2008 01:29 pm at 1:29 pm |
  23. Teresa

    Why didn't anybody else think of that?
    Everyone is yelling the sky is falling, MCCAIN STEPS UP!!!
    Obama did not!

    October 10, 2008 01:29 pm at 1:29 pm |
  24. Glenn Doty, Columbia, SC

    As much as I despise the old fool, this seems like a good idea. I'm sure president Obama will consider it.

    October 10, 2008 01:29 pm at 1:29 pm |
  25. af

    Hey "True American"
    If you do not agree with Obama's policies, that is your decision to make but to make a comment about his "Arabic Name" is so small minded and truly hateful I am ashamed to see American people still think that way.
    There is nothing "wrong" with being Arabic or Islamic for that matter. Remember the fundamentals of the UNITED States of America?
    Almost everyone here came from somewhere else. Where did your family come from?

    October 10, 2008 01:29 pm at 1:29 pm |
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