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. therealist

    THE NATION doesn't want new ideas. Just the same old hateful retoric and socialistic tennets of the Carter years. Bring back the golory days..., as if the 70's where really all that grand.

    October 10, 2008 01:30 pm at 1:30 pm |
  2. mcshame

    With kids you have to try come up with new ways to handle them and win them over! Is that what this idiot is doing? We got news for you - MY FRIEND – we are EDUCATED adults and know of you digusting tricks. IF you can spare us that would be nice.

    October 10, 2008 01:31 pm at 1:31 pm |
  3. Ohio for Obama

    McCain needs this plan . He wants to cut Medicare by a trillion and this will help those elderly ( of the amount I am unsure ) to buy some cat food o eat so they can afford to pay for their bills.

    October 10, 2008 01:31 pm at 1:31 pm |
  4. Mark, Cleveland Ohio

    Got any specifics John, besides suspending the rules? No, I didn' t think so.

    October 10, 2008 01:32 pm at 1:32 pm |
  5. USA '08

    "his second major economic proposal of the week".

    Funny. I think McCain has a reasonable proposal here but hardly "major".

    McErratic is not the McSame person I voted for in the 2000 primary. Hard to believe he ever had any morals.

    October 10, 2008 01:32 pm at 1:32 pm |
  6. Teresa

    He is addressing a real issue that retirees are facing RIGHT NOW. I'm 32yrs old, and don't have to worry about this. But there are retirees that can't afford to realize losses right now. Would you rather wait around while Obama sits on his you-know-what? The congress should take McCain's advise quickly before the mandates hurts too many.

    October 10, 2008 01:33 pm at 1:33 pm |
  7. Joe in NJ

    I don't get it. Obama supporters complain that McCain doesn't offer any ideas and just attacks Obama. Now that he actually proposes something (which isn't a bad idea) he gets criticized. I guarantee that if Obama proposed this, his supporters would be saying what a great idea it is and how presidential he is, etc.

    October 10, 2008 01:33 pm at 1:33 pm |
  8. A chicken clucks in Johns yard

    Keep throwing darts old man,someones bound to get stuck,like your foot,haha

    October 10, 2008 01:33 pm at 1:33 pm |
  9. MarioB. from Berlin for OBAMA/BIDEN

    oh seems like somebody wrote him a nice teleprompter message he could read out... come on, this mcsame has no idea what's going on.
    He can't stick to the issues but often to his past...

    Obama/Biden in a landslide
    and McSame will be slammed in the last debate

    October 10, 2008 01:33 pm at 1:33 pm |
  10. Spencer/Commonwealth of Virginia

    Roth IRA is the way to go. At least when you withdrawal your money during these economic hard times, you don't get penalized for taking your money out.

    October 10, 2008 01:34 pm at 1:34 pm |
  11. David Smith

    Senator "Republican Candidate" proposed something that was not only part of the existing rescue package, but also was addressed earlier in legislation. Is this another proposal that is already in place, yet another element of either existing legislation or his opponents ideas that he wants to claim as his own? Like the "comprehensive energy policy" that the republican candidate came up with, that was not as comprehensive as what his opponent already had, but that the republican candidate praised as his opponent coming around to his way of thinking? Does he think we are that gullible?

    October 10, 2008 01:34 pm at 1:34 pm |
  12. Bob Indianapolis IN

    SOMEONE HAS PHIL "NATION OF WHINERS" GRAMM WHISPERING IN HIS EAR LIKE JOE LIEBERMAN DOES FOR FOREIGN POLICY (can't tell Sunnis from Shiites without a program)....

    October 10, 2008 01:34 pm at 1:34 pm |
  13. Tim

    Every time McCain or Bush (they are one and the same) makes a suggestion to revitalize the economy, the stock market tanks several hundred more points. My 401(k) can't take another hit or I'll be working until I'm 90.

    Please, please, Bush and McCain don't say another word, just go away.

    October 10, 2008 01:34 pm at 1:34 pm |
  14. Concerned Citizen, IN

    I'll give McCain this one. I didn't know there was a rule and I think this is probably a good idea.

    October 10, 2008 01:34 pm at 1:34 pm |
  15. Ed Fries

    Finally a good idea from John McCain.

    But I am still voting for Obama.

    October 10, 2008 01:34 pm at 1:34 pm |
  16. jimmy

    WHAT WE AMERICANS FEAR MOST IN THIS AND ANY PRESIDENTIAL ELECTION IS ELECTION FRAUD LIKE THE KIND
    THE FBI IS INVESTIGATING ABOUT AN ORGANIZATION CALLED
    "ACORN" WE NOTICED THE OFFICES OF THAT ORGANIZATION
    IN INDIANA HAVE CLOSED SHOP . THE ELECTION OFFICIALS HAVE DISCOVERED MORE THAN 2 THOUSAND FAKE REGISTRATIONS. NOBODY KNOWS HOW MANY THOUSANDS MORE THERE ARE ACROSS THE COUNTRY. THIS ACORN ORGANIZATION IS AN OBAMA SUPPORTER AND HAS RECEIVED A LOT OF MONEY FORM THE OBAMA CAMP.

    October 10, 2008 01:35 pm at 1:35 pm |
  17. Obama/Biden 100%

    written by Carol:
    Thanks Carol, I could not have said it better myself!!
    October 10th, 2008 1:15 pm ET

    If we are to question Obama's love of American then surely we need to question Sarah Palin and her husband's significant activity and many connections to a fringe political party in Alaska, the Alaskan Independant Party. Both Palins attended two conventions for the radical party, which has called for a revote on Alaska's statehood and a draft constitution for an independent Republic of Alaska.
    Does she really love American? Fair question considering her questions regarding Obama, eh?

    October 10, 2008 01:35 pm at 1:35 pm |
  18. Clinton Democrat for Obama

    How many conservatives will condemn this plan like his other economic plans?

    October 10, 2008 01:36 pm at 1:36 pm |
  19. Paying Attention

    Nice try. Your healthcare plan ruins your chances of winning. I have no intention of paying taxes on my healthcare.

    I will never vote for you McCain.

    October 10, 2008 01:36 pm at 1:36 pm |
  20. OBAMACAN

    McSame doesn´t get it... again

    October 10, 2008 01:36 pm at 1:36 pm |
  21. Abby

    Thismay help people who are over 70 but what about the rest of us?

    October 10, 2008 01:37 pm at 1:37 pm |
  22. Johnny

    This election is essentially over. I had a pretty decent 401K in place, not so much anymore, thanks to an unnecessary war. Had they planned for Katrina before it hit LA, tax payers would have saved some money.

    Bush and McCain policies brought us here at the brink of total financial collapse.

    We need to save our country !

    "That one" '08

    October 10, 2008 01:38 pm at 1:38 pm |
  23. Charlotte

    Hyperbole from both sides. Politics never change, no matter who claims to be the changer!!!!!

    October 10, 2008 01:38 pm at 1:38 pm |
  24. Mike, MD

    I don't want this old man tell me when i suppose retired, also i need his proposed anyway.

    October 10, 2008 01:38 pm at 1:38 pm |
  25. Dr. Mimi De La Cruz for OBAMA

    I HAVE BEEN THINKING. WHAT DOES MCGREEDY

    REMIND ME OF?

    ANSWER:

    A VISIT TO THE INSANE ASYLUM.

    NOTHING HE SAYS MAKES SENSE.

    October 10, 2008 01:39 pm at 1:39 pm |
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