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

McCain makes new 401k proposal

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/10/10/mccain2.jpg caption=" 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. Ron from Baltimore

    Don't we need to see what the plans already enacted will do in the coming weeks? Don't we need a global perspective on this?

    McCain: Stop lurching around trying to hit, never mind even identifying, any possible target around. THAT IS NOT LEADERSHIP, it is fear-engendering.

    You do not speak for your party, you do not speak for the financial experts of the country or of the world. You are not being helpful, especially to yourself, and you are not needed now.

    October 10, 2008 01:16 pm at 1:16 pm |
  2. McCain Invented the BlackBerry, Palin Invented the Manure Spreader

    Another McGimmick of the Day.

    McCain just keeps throwing half-baked ideas at the wall, hoping that something will stick. Is this the kind of steady leadership we need?

    HELL NO!

    McCain's campaign is in its death throes. The Obama Era has already begun. The best McCain can do now is lose with his honor and dignity in tact and try to limit the Republican losses in Congress. They will be manifold.

    And there will be blood.

    October 10, 2008 01:16 pm at 1:16 pm |
  3. Trysh, Los Angeles

    Sounds like the gas tax gimmick again. And a push for the senior vote that he is losing.

    October 10, 2008 01:16 pm at 1:16 pm |
  4. Spencer/Commonwealth of Virginia

    Don't you have more negative ads to put out John? Your economic policies do not resignate with me. Do some more smearing. I've gotten use to that out of your campaign. The more you go negative, the more you help the Obama campaign. So keep up the bad work.


    October 10, 2008 01:16 pm at 1:16 pm |
  5. Ex-Republican for Obama

    Treason as a POW, followed by 26 years of crimes against america. We can not afford to put this anti-american old geezer in the white house. He belongs in prison! Get out of our country old man, we don't accept your kind around here!!

    Obama/Biden '08: Because we need patriots, not Benedict Arnolds!

    October 10, 2008 01:16 pm at 1:16 pm |
  6. THAT ONE!!!!

    I think since he is in his 70s he is only protecting himself here LOL

    October 10, 2008 01:17 pm at 1:17 pm |
  7. Len in Washington

    Let's see....what time is it?

    Oh, yeah, he's got plenty of time to come up with another three or four plans,,,,TODAY!

    sad, sad, sad.

    October 10, 2008 01:17 pm at 1:17 pm |
  8. Sammy

    This one might actually be popular. Doesnt mean I will change my vote. This kind of rule could be suspended immediately by the Treasury I believe so the push should go there to do it.

    October 10, 2008 01:17 pm at 1:17 pm |
  9. James

    This man shouldn't think anything about the economy. He doesn't understand it and when he does have a thought, it's not beneficial to the citizens of the US. This guy is just wrong!

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

    I'm ok with this. I don't know the reason for the forced withdrawal.

    But there have been some economic hardships where I've had to pull money out and pay the penalty for early withdrawal.

    With the economy tanking, how many seniors can afford to keep plugging along without needing to withdraw funds from their IRAs?

    October 10, 2008 01:18 pm at 1:18 pm |
  11. TRUE Americans for MCCAIN!!

    »"CNN-Obama" is HELPING(!!) that candidate with the ARABIC(!!) NAME!!!! SHAME on them!!!!

    October 10, 2008 01:18 pm at 1:18 pm |
  12. Palin is a Patriot Act

    Although this soungs like a good idea, it's PANDERING at best. Keep it up John, perhaps you reach 100 electoral votes if you're lucky...

    October 10, 2008 01:18 pm at 1:18 pm |
  13. Rick CT

    Has anyone noticed that the market has dropped by nearly 30% since the polls have indicated that the election is in the bag for Obama?

    October 10, 2008 01:19 pm at 1:19 pm |
  14. RT

    You know this is just a headline grabbing tactic. If he really had a detailed economic plan, wouldn't he have a press conference and release details to the press before hand?

    October 10, 2008 01:19 pm at 1:19 pm |
  15. Please look deeper

    Please please people educate yourselves. I know you are unhappy, however don't let your frustrations and desperation to grab at any hope allow you to vote for a person who is just not right for our country.

    Look into ACORN
    Look into Obama reading "a post American world"
    Look into his broken promises to IL
    Look into the man PLEASE.

    October 10, 2008 01:19 pm at 1:19 pm |
  16. Vic

    Early voting is the way to go.

    Registered Republican voted Obama/Biden 08

    October 10, 2008 01:19 pm at 1:19 pm |
  17. Daniel

    Hail Mary, #7 (or #8 – hard to keep count).

    October 10, 2008 01:20 pm at 1:20 pm |
  18. White-African(born there) American Military BRAT


    God HELP US if this man is Subliminaly Nominated as President.





    October 10, 2008 01:20 pm at 1:20 pm |
  19. Joseph Adewole


    October 10, 2008 01:20 pm at 1:20 pm |
  20. TAYO, NY

    Is this not another erratic campaign proposal by McCain?

    He will dno anything and say anything to get elected.

    Is this Country first or McCain first?

    October 10, 2008 01:20 pm at 1:20 pm |
  21. Pat

    It is not a GOP failed economic policies, its is congress/president failures over the past 20 years. Get your facts before blindly blaming Bush. 2ndly,l for those who are 70 1/2 and can afford not to have to draw off of their 401Ks, then this makes sense and is good.

    October 10, 2008 01:20 pm at 1:20 pm |
  22. Tasha S.


    October 10, 2008 01:20 pm at 1:20 pm |
  23. Brian

    McCain is just shooting from the hip now, on one hand proposing more Bushonomics "trickle-down" crap and on the other hand touting socialist "reform" agendas that would reward lenders and homeowners that got into the absolute worst business deals out of greed and self interest.

    I don't need any of McCain's proposals, thank you very much.

    October 10, 2008 01:21 pm at 1:21 pm |
  24. Franky

    Ohhh great, what' next. Another bailout for homeowners who can't pay their bills?? Hmmm, doesn't sound like a bad idea, huh? LOL!!

    October 10, 2008 01:21 pm at 1:21 pm |
  25. YAM



    October 10, 2008 01:21 pm at 1:21 pm |
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