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. Emma

    Is McCain going to put a "chicken" in every pot now? He is pathetic........throwing things out to see the reaction of the American voter. If it looks promising then he keeps focusing on that one idea.

    John McCain, go back to your barbie doll wife and your barbie doll VP.......they are not smart if one decided to marry you and the other decided that she should accompany you ........not to the White House!

    October 10, 2008 01:39 pm at 1:39 pm |
  2. John in Ohio

    Another Moron McCain plan.

    October 10, 2008 01:39 pm at 1:39 pm |
  3. e.j.mohammed

    Shame on McCain for his antics and untruths! He and Cindy McCain do not have to worry about 401ks or finding a job or losing any one of their homes! What an insult to the American people pushing Gov. Palin on us!!
    Ex-Repulican

    October 10, 2008 01:40 pm at 1:40 pm |
  4. Jeff Brown

    Yawn... Grandpa Munster has a "new" idea, he stole it from the Democrats!

    October 10, 2008 01:40 pm at 1:40 pm |
  5. Lewis

    I'm a card-carrying D, and this sounds like a pretty good idea. It's not a fix, but it's a good idea.

    October 10, 2008 01:40 pm at 1:40 pm |
  6. Obama - Biden 2008 and 2012

    I guess after being the "great deregulator" for 26 years, which got this country in this mess in the first place; and after embracing Bush's failed economic policies 90% of the time McCain is running eractic and frantic to come up with something new to get his campaign out of the toilet. But he fails to realize that the American people are on to his schemes and do NOT trust him to lead this nation. He does NOT have the experience, good judgment, nor temperament to be Commander-in-Chief !

    It's time for the American people to get it right and NOT vote for McCain-Palin, instead vote for change. It's time for this country to turn the page and seek a new and better future for ourselves and our children.It's time for REAL change in Washington, it's time to elect Barack Obama for president !

    Obama-Biden are the wiser and stronger team to solve the crucial challenges we have in this nation and abroad !

    October 10, 2008 01:40 pm at 1:40 pm |
  7. Cheryl

    Geezer and Air-Head make quite a team. He's just a stupid soon-to-be-irrelevant old fart, she's a hateful ignorant wacko. Truly a pair to be proud of, I'm sure the rest of the world is looking at the U.S. in amazement.

    October 10, 2008 01:40 pm at 1:40 pm |
  8. THE WORLD IS WATCHING *HOPE IS COMING

    I'm afriad what Mccain & Palin are creating......

    you know many AMERICANS have a brain the size of a PEA,,,,,it doesn't take much to fill the air with JIM CROW hatred.....

    MCCAIN PLEASE STOP IT..............IF SOMETHING HAPPENS TO OBAMA ....YOU MY FRIEND WILL HAVE TO WEAR IT LIKE YOU WEAR THE SO CALL BADGE OF HONOR ......

    YOU are a coward.

    OBAMA/BIDEN 08

    October 10, 2008 01:40 pm at 1:40 pm |
  9. Emi

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

    What this means, my friends, is that if elected I am going to screw up the economy so badly that you will never get to retire, therefore you won't need your retirement money. However, I will need it to maintain the lifestyles of my backers, so thank you for your contribution.

    J McPain

    October 10, 2008 01:41 pm at 1:41 pm |
  10. Greed is not good

    That does not translate to any guarantee of return to higher values. Just because the rules are extended...doesn't mean the values are guaranteed to return to original new worth in 1 – 5 years.

    Didn't we already go through this routine when Dallas teachers lost their pension when Enron went bankrupt???

    October 10, 2008 01:41 pm at 1:41 pm |
  11. Lifelong Republican for Obama, Columbia, TN

    Gov. Strickland is exactly right!

    I am tired of fear, anger, hatefulness, and bitterness. This is all that McCain team and his supporters have!!! His supporters are blind and ignorant and they want to live in fear and hate. Fear and hate are not was this great nation needs right now. We need practical solutions to the very real and serious problems of this nation.

    If Americans want real change and real solutions, then the choice is clear and obvious-VOTE OBAMA-BIDEN!!!

    If you want to continue to live in fear and hate, then go right ahead and vote for McCain-Palin. If they win, don't whine and complain when nothing improves and the problems plaguing this great nation continue.

    October 10, 2008 01:42 pm at 1:42 pm |
  12. KD NY, NY

    Obama got a new good plan...give tax breaks to small businesses...oh wait McCain has been proposing that all along.

    October 10, 2008 01:42 pm at 1:42 pm |
  13. otto

    is sarah palin accusing obama of treason by sayin g he negotiated with iraqi officials against his country. cnn this fact from sarah palin must be investigated

    October 10, 2008 01:42 pm at 1:42 pm |
  14. ohio

    benefits rich people nothing new him and his friends!!!!!!!!!

    October 10, 2008 01:42 pm at 1:42 pm |
  15. Republicans= Me First Country Last

    When is CNN going to VET Sarah Palin and John McCain????????????????

    October 10, 2008 01:42 pm at 1:42 pm |
  16. Pat Riot

    “If ever a time should come, when vain and aspiring men shall possess the highest seats in government, our country will stand in need of it’s experienced patriots to prevent it’s ruin.” – Samuel Adams

    October 10, 2008 01:42 pm at 1:42 pm |
  17. Chris

    I'm a die-hard Obama supporter, who recognizes a good idea. And I think McCain finally had one. Good for him. Hopefully Obama will acknowledge it and add his support. This can be done right away – before the election.

    October 10, 2008 01:42 pm at 1:42 pm |
  18. gwg

    No matter what plan McCain puts out, you at CNN and the Obama supporters will attack it no matter how good it is for the people. Then in two or three days when Obama repeats McCain's plan, you at CNN and all the Obama supporter will praise him and the plan.

    What is new!!

    October 10, 2008 01:42 pm at 1:42 pm |
  19. mama4obama

    Here is what I know.....John McCain doesnt make a move unless it is going to benefit HIM! So...on the outside he likes to make the package really pretty and attractive, but what you actually get from the idea is just more sloshy crap you can do nothing with.

    October 10, 2008 01:42 pm at 1:42 pm |
  20. Accountant Guy

    You would think at a time like this McBush would be more concerned with the report that is going to be coming out that will expose his eskimo barbie for the lying, cheating, power abusing, seperatist group member, that she really is!! America is finally seeing that the Republican ticket is a total joke and they have nothing left. We almost have our country back!!

    Obama/Biden '08

    October 10, 2008 01:42 pm at 1:42 pm |
  21. Gadissa

    Just talk about what Obama did when he was in his mother'e woumb. Why do you care about what is nececary for all American. MacCain do you get it?

    October 10, 2008 01:43 pm at 1:43 pm |
  22. jimmy

    0CTOBER 10, 2008. AMERICANS LISTEN AND WATCH FOR LATEST NEWS ABOUT OBAMA'S CAMP AND AIDES MEETING WITH MUSLIMS. CNN AND FOX NEWS CHANNELS.

    October 10, 2008 01:43 pm at 1:43 pm |
  23. JACKED-UP-POLITICS, FLORIDA

    The same way that the investors did not get any advance warnings regarding McCain's so-called plan, this is what Americans will face also. We will continue to be left in the dark under McCain/Palin administration.

    JUST LOOK AT TROOPERGATE. IF THEY ARE NOT FORTH COMING ABOUT THAT, WHAT MAKE YOU PEOPLE THINK THAT THEY WILL BE FORTH COMING IF THEY ARE IN THE WHITEHOUSE. GET A LIFE AND GET REAL AMERICANS. WE REALLY KNOW WHO WILL BE TRANSPARENT WITH THE AMERICAN PEOPLE BECAUSE "THAT ONE" IS DOING IT NOW!!!

    October 10, 2008 01:43 pm at 1:43 pm |
  24. Vickie

    It's almost as if McCain is drowning. He's flailing around doing anything he can to stay above water. He's making all these off the wall proposals, promising anything he thinks will keep him in this thing, whether it makes good sense or not.
    Sad really.

    October 10, 2008 01:43 pm at 1:43 pm |
  25. Sam

    I agree with McShame-McPalin 100% in this issue as long as they are willing to put 50% matching contributions in my 401k Plan...

    October 10, 2008 01:43 pm at 1:43 pm |
1 2 3 4 5 6 7 8 9 10 11 12