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. Brian from Canada

    Thank God at least one of the two candidates is talking about solutions and looking to the future.

    Obama, is a coward that whenever asked what he would do to resolve anything, he says he had to consult with his advisors.

    American people wakeup or you are going to be singing the Soviet Union's national anthem soon.

    McCain and Palin and Hillary Supporters 2008

    October 10, 2008 01:43 pm at 1:43 pm |
  2. Helene

    Another plan at the 11th hour ? Who cares ! I want to elect someone I TRUST, not some old fool who is desperate and ready to sell his soul for an election.

    October 10, 2008 01:44 pm at 1:44 pm |
  3. Gadissa

    Why don't you go away? You don't have any program.

    October 10, 2008 01:44 pm at 1:44 pm |
  4. Tim H

    Not a bad idea John. Why didn't you talk this stuff up about a month ago instead of attacking Obama over Ayre's I think you might finally "get it" around midnite on November 5th.

    October 10, 2008 01:44 pm at 1:44 pm |
  5. Undecided Conservative

    I have sat undecided for quite some time now. Giving you the benefit of the doubt that you had to push your message. Biting my tongue when I felt you went too low. Expecting you to get on track and discuss the issues, talk to the people, live up to the straight talk express. Honor your words of not going negative in this campaign. You have failed me, but worse, you are failing my children. They watch what you do and wonder why I was interested in you. I am ashamed of even looking in your direction.

    If I could spit on you John, I certainly would.

    You are the lowest from of human I have ever seen in political office in my entire life. You truly disgust me as a person. Your moral bankruptcy and the absolute dishonor you bring to this country is appalling. I hope NONE of my children EVER grow up to be anything like you!! Please leave this country, you are bringing it down!

    My vote goes to the man who kept his word. I'm voting Obama!

    October 10, 2008 01:44 pm at 1:44 pm |
  6. Jerry, Illinois`

    Lets see:

    War in Iraq
    Suspend campaign
    Pulling Sarah Palin from the unknown
    The Economy
    In bed with Fox News
    Going Negative with Ads

    Sounds like the Grand Old Party to me.
    Go John Go!

    I'm really not bitter that I just lost 30% of my IRA.

    October 10, 2008 01:45 pm at 1:45 pm |
  7. Chris

    CNN – this is a hardly a "major economic proposal". It only affects people who are just turning 70 who haven't yet cashed out their 401K. It's a nice little tweak, but certainly not major.

    October 10, 2008 01:45 pm at 1:45 pm |
  8. Mike, FL

    More stunt from a guy who has admitted he doesn't have clue about the economy!

    October 10, 2008 01:46 pm at 1:46 pm |
  9. Cynthia; Bham

    THose people who are there there listening to that nonsense about what Senator Obama's middle name is and what somebody who he was on a Board with who did something while Obama was 8 years old had better wake up. You have to wonder why the person who created that Board chose Ayers – obviously they saw something in him that was good in order to put him on the Board? If the only way Senator McCain can win is through fear then this country is going to be in one huge mess. You think it is bad now if McCain and Palin get in it is going to get worse!!!!!!!!!!!!!!!!!!!!!!!!

    October 10, 2008 01:46 pm at 1:46 pm |
  10. Shirley

    Where is the plan located John. We need a qualified lawyer, tax expert and Obama to look at it before you talk to people.

    October 10, 2008 01:46 pm at 1:46 pm |
  11. KJ

    Suspended to be a political stunt, just like when McCain suspended his campaign?

    October 10, 2008 01:47 pm at 1:47 pm |
  12. Gail AL.

    If you think MCcain a fool, vote for Obama and that will show what a fool is. Next year you'll have Bin Laden sitting on your doorsteps.


    October 10, 2008 01:47 pm at 1:47 pm |
  13. Cuban-mami-4-OBAMA


    Its interesting that Todd Palin was once a member of The Alaska Independent Party.

    And that Sarah Palin addressed their convention THIS YEAR.

    Why is the press not covering this?

    For those who want to know who the Palins REALLY are check out the web site of The Alaska Independent Party.

    October 10, 2008 01:48 pm at 1:48 pm |
  14. Shay

    MCCain is now pulling a rabbit out of the hat. It is too late in the game for those who want to retire and for those who want a college education.

    Young ones need to think about a better safety net instead of investing their money in 401 k plan. If you can take a hit then that would be ok but also invest more in savings bonds.

    Stock market may hold for a while but then there will be a significant drop. For the rich they can take a hit and still have something to hold onto. But for the little guy it is devastation.

    Some companies do not have a pension, only 401 k. It is utterly nonsense for the little guy to invest into this with their hard earn money into stock market. People need to stop going into something blind if they don't understand the stock market. If you cannot take a hit then so be it.

    For the young person. it would be savings bonds which is not so risky. It will mature after 5 years. Which is a plus if you are making plans for hard times, retirement are your child education. You can't lose with the interest when it matures.

    Just think of what you would have now knowing that you have socked away savings bonds. There would be no hits but only a safety net for hard times.

    October 10, 2008 01:49 pm at 1:49 pm |
  15. Peter

    It's a very good news for the seniors. Keep fighting, John! Obama is not the President, he's the nominee as you are. You can beat Obama!

    Go McCain/Palin!!!!!!!!!!!!!!!!!!!

    October 10, 2008 01:50 pm at 1:50 pm |
  16. Gnomepark

    NOW he starts with new ideas....... a little bit too late. You should of had a plan before you dug yourself into a big hole.

    Thanks, but no thanks.

    Obama/Biden 08
    Dick Lugar (R) for Secretary of State

    October 10, 2008 01:50 pm at 1:50 pm |
  17. Roger

    Have any of you read this plan???? This is a wonderful idea.

    Mccain is the only candidate coming up with ANY solutions.....

    Barack just keeps telling us there is a problem....gee thanks Mr. Wizard

    October 10, 2008 01:51 pm at 1:51 pm |
  18. Rodger

    McCain continues to show his erratic behavior...he is deparatly looking for anything. He will use lies, smears or wild and crazy proposals to get votes...too little, too late!!!!

    October 10, 2008 01:51 pm at 1:51 pm |
  19. gabriel

    Obamas lead in the polls is declining, interesting !!!!

    Soo much to tell in the next few weeks.

    Expect to get some truth on Barney Frank, Chris Dodd, ACORN and more.

    Even BILL CLINTON admits the current sub-prime disaster is the fault of the DEMOCRATS !!

    Obama is the ultimate in pandering – FREE HOUSES for VOTES !!!!

    October 10, 2008 01:51 pm at 1:51 pm |
  20. SB in NoVA

    He must be trying to make up some ground w/ the senior voters who he scared half to death with his 1.3 TRILLION dollar cut to Medicare fraud.

    Well, listen up McLoser .... these are REAL people you are playing with. MY PARENTS who are retired and living on a fixed income are listening to your irresponsible and filthy mouth. You and Baked Alaska are frightening them. STOP IT!

    Oh and BTW ... my father is a Holocaust surviver and is more proud to be American than anyone I've ever met. He is a REAL
    American hero - not YOU! Your stupid brother's comments made my whole family SICK. Northern VA IS NOT A COMMUNIST COUNTRY. You are not only crazy, you are gasping for your last breath of air in a totally DISHONORABLE campaign.

    You, your running mate and your families disgust me.

    Obama/Biden 08 and beyond!
    Turn VA BLUE!!!

    October 10, 2008 01:52 pm at 1:52 pm |
  21. Lu

    Undecided Conservative is the most disgraceful and ungrateful person I've read to date. Go ahead and vote for "the man who kept his word" and which side of the flip-flop word are you talking about?

    October 10, 2008 01:52 pm at 1:52 pm |
  22. Fee, Philadelphia

    He is just throwing any and all ideas out there. Even if his own party is scratching their heads. I thought the $700+ Billion plan was supposed to buy up the bad mortgages and he proposes what has been proposed. I thought he wanted to privatize social security, so I guess his plan will off-set what most people lost over the past few weeks who are getting ready to retire. Do you know how many people are changing their plans to retire because they can't afford to remove their savings from 401k's??????

    As Fred said, "you big dummy!"

    Obama/Biden '08

    October 10, 2008 01:52 pm at 1:52 pm |
  23. Dwayne - OH

    Brian from Canada, you should really try to worry about what's going on in Canada. This a America...we'll deal with our own problems. So find you a website that has Canadian affairs and post you comments on one of Your own countries blogs. This is our fight, we don't need your lip kiddo. If you paid attention to what people are saying here other than you, you might notice that no one is saying anything about Canada except you. We don't care about what's going on there or what they have to say. Okay?

    Bye bye now.

    October 10, 2008 01:52 pm at 1:52 pm |
  24. Scott

    All I can say is that I PRAY that America is intelligent enough to see throught the McCain/Palin smoke screens. This country needs change NOW! We can't afford another 4 years of the same Bush crap! His dirty campaign is sick and desperate...what a pathetic excuse for a politician.

    October 10, 2008 01:53 pm at 1:53 pm |
  25. Janice

    HIllary is our only WRITE-IN option to save us from Obama.

    Write In Hillary !

    October 10, 2008 01:53 pm at 1:53 pm |
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