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. Jann in Denver

    Another despirate grab for attention in the McLame camp. He is erratic, illogical and dangerous. Keep this man and his girlfriend out of the white house!

    October 10, 2008 01:59 pm at 1:59 pm |
  2. michael

    get this guy of the streets he has lost all the respect he once had pow or not..I'm sure his campaign will go down as one of the most erratic and disgusting political campaigns in history and this from a man who once said he wanted a respectful campaign strictly on the issues........We are in such a mess financially world wide and all he can do is foster hatred and division.among Americans..I'm afraid he is now nothing more than a sorry excuse for a human being..I wish him luck even his Republican friends on Capitol Hill will shun him after all this is over!!!!

    October 10, 2008 01:59 pm at 1:59 pm |
  3. docrock,tx

    The new Golden Rule..........whoever has the Gold,makes the Rule.Jeeez!!

    October 10, 2008 01:59 pm at 1:59 pm |
  4. Farrell, Houston, Tx

    Palin continues to chose gossip over doing her own fact research. Palin just gets the latest gossip, appears on National TV and quote what she heard and not what she researched. And poor John McCain just follows right along behind Palin. Palin and McCain can follow each other but Americans won't be following them to the White House.

    October 10, 2008 01:59 pm at 1:59 pm |
  5. Enough

    These hail mary's are dropping like a rain storm. SPLAT!

    October 10, 2008 02:00 pm at 2:00 pm |
  6. Republican Voting OBAMA

    This is dumb

    Obama/Biden 08/12

    October 10, 2008 02:00 pm at 2:00 pm |
  7. Gadissa

    How much did you loose from your retirment? Hope Mrs MacCain will help you.

    October 10, 2008 02:00 pm at 2:00 pm |
  8. Doris,Memphis,TN

    My fellow prisoners, sorry my fellow Americans, can we afford to be
    angry, divided and full of hatred like John McCain and Sarah Palin.
    Anyone who believes in a higher power could not support these
    violent and dangerous repubs.

    October 10, 2008 02:00 pm at 2:00 pm |
  9. kn

    Sure he's over 70and a half so what does he care he got his money out in good times. Did the Senate vote themselves a raise this year, well if they work for me I am not giving out raises this year. Plus the President should have to lose one half of his retirement from us. Let him know how it feels. I only had 9 months until my funds could be withdrawn by me from my retirement account. Well guess what they are gone::::::So I will be applying for food stamps. Some churches have free Spaghetti dinners once a week.......That's how the people that are retired today make ends meet..And don't even get me started on drug and medicial costs.. Do we live in America????????? Thanks George,Dickand Karl. how do you guys sleep at night.

    October 10, 2008 02:01 pm at 2:01 pm |
  10. TL

    mccain is a total trainwrek. period. im incredibly disappointed so many americans can't see that. im happy that mccain is the best candidate that the republican party could deliver. OBAMA 08/12!

    October 10, 2008 02:01 pm at 2:01 pm |
  11. Kelby from Houston, TX

    Wow, is John McCain talking about a relative issue? WOW...I was just getting used to his attacks and all of the sudden he does this 180

    October 10, 2008 02:01 pm at 2:01 pm |
  12. Donna

    At this point, I can't trust anything that McCain or Palin says, since they have been rolling in the mud and speaking so many falsehoods. I'm not the only one, either. I've two friends who have consistently voted Republican as long as I have known them, they even voted for GWB twice, but they are NOT voting for McCain/Palin because they have been so dirty and have shown no dignity or real solutions that would work for the American People. I'm not talking about solutions that will work for AIG or Enron here, but for the American People.

    October 10, 2008 02:02 pm at 2:02 pm |
  13. Paul

    Thank God Obama is ahead in the polls

    We do not need angry people, but smart leadership in the White House

    Obama-Biden 08

    October 10, 2008 02:02 pm at 2:02 pm |
  14. Emit R Detsaw

    Good idea, but many depend on the 401k money at that age as they leave the workforce. Just as impacted are baby boomers that have worked 30 years and are in their 50's. As their companies fold, will this same deal apply. Those that lose their jobs will have the time restriction lifted so they don't lose the value in their 401k's?

    Throw a bandaid at a head wound mentality. Just like the gas tax holiday – sounds good on the surface, but more people don't benefit from this. It does keep some wall street folks in their jobs to mismanage the accounts.

    October 10, 2008 02:02 pm at 2:02 pm |
  15. Carlos

    Half my neighborhood is in foreclosure. I do not want to talk about gas, food prices, etc... and he is thinking about the INVESTORS ??? Hellooo ... what about the Joe Six Pack your stupid VP is saying she is??? the Joe "I-lost-my-house" six pack ? Man, it's true.... You cant fix stupid !!!

    October 10, 2008 02:02 pm at 2:02 pm |
  16. Video Guy

    Not a bad idea. If you keep dreaming stuff up your bound to come up with something good.

    Now put your country first and call the Whitehouse and ask them to do it asap.

    October 10, 2008 02:03 pm at 2:03 pm |
  17. Gadissa

    Can he understand what Economics mean?

    October 10, 2008 02:03 pm at 2:03 pm |
  18. Arthur James

    It's actually a good idea, but Obama supporters are so vitriolic that it doesn't matter whether it's a good idea or not, since it doesn't come from the mouth of their candidate. If it did, then they would love it.

    But none of them seem to care that after all his talk of change, Obama jumped right on Bush's bandwagon for this Wall St. bailout. Is that the "politics of change?"

    My biggest problem with Obama is that he has never paid his dues – and it shows; he wants to go right to the top without earning it, a poor message to send to our younger generation.

    And evidence of that is this ACORN thing, which really scares me, but his supporters just don't seem to care; they are all looking the other way.

    America needs maturity in its leadership, not necessarily age – but definitely maturity.

    October 10, 2008 02:03 pm at 2:03 pm |
  19. Denise

    This sounds like a good idea. People who are about to retire should never have their money in the stock market! They should have it in CDs or money market accounts. But for those who have made the mistake of leaving their money in stocks, this idea would definitely help them.

    It is not going to change my vote though. Obama is my man. Obama said he wants to incorporate good ideas from Dems, Republicans and Independents. This idea just might be one of those!

    October 10, 2008 02:03 pm at 2:03 pm |
  20. therealist

    John should try to make a sercet deal behind the countries back, liberals don't mind..

    October 10, 2008 02:04 pm at 2:04 pm |
  21. Reagan

    Waiting for O'Bama to figure out how to tweak McCains fantastic plan so he can claim credit for it like he always does.

    O'Bama the myth.

    October 10, 2008 02:05 pm at 2:05 pm |
  22. Enough CNN!

    It is good that McCain and Obama are both coming up with ideas on what to do with the current crisis.
    What is not good, is that the Democratic Congress is doing nothing, nothing, nothing.
    I am very disappointed that Obama gave $800k to ACORN knowing their history.
    Obama is a thief and he has the Caucus History to prove it. It really doesn't matter who was in the Democratic Primary, does not matter who is running as Republican Ticket.
    Obama is a fraud and he is stealing the election. He is not honest and he is not a changer leader, he just wants to be the first black President.
    This isn't about racist voters white or black, its about racist Obama. The media has made a ton of money off of this crook, but we are in the homestrech now.
    McCain does not hide behind his mistakes, he admits he is flawed. Obama lies and denies, and steals votes people! What is wrong with you voters, are you not capable of seeing the reality of the situation because of main stream media? You are supposed to be so educated young people, see ALL sides.

    October 10, 2008 02:05 pm at 2:05 pm |
  23. Kentucky

    For the last two months we have seen the election heat up with more negative attacks. Some of the attacks are true and some are lies. With less then 3 weeks left on the campaign trail, we as voters cannot be swayed by last minute circus stunts using smoke and mirrors. We are not the same naive people in the crowd gathered to see a snake oil salesmen pitch his wares. In fact we are for the most part a nation of intelligent people who can see through deception.
    The job our next president will have is becoming more and more difficult and will require a person much more intelligent than I can imagine. That could end up being Sarah Palin. GOD HELP US!!!!!

    October 10, 2008 02:06 pm at 2:06 pm |
  24. ulric

    What can mccain do now after 26 years of polimanuvering. hey mac you've sat back and watch all this financial mess get out of hand now you us to believe you can what took you so long too late to make up now. good luck!

    October 10, 2008 02:06 pm at 2:06 pm |
  25. That one is Karl Marxs friend too

    You sheep.. Keep following the do nothing suit. Keep your faith in someone with no experience and no record. Keep following the man who will tax you beyond belief and give it away. Keep following the most left and inexperienced presidential candidate ever. You sheep are being led to slaughter.. He will not fight for you or this country.
    No H Obama..

    October 10, 2008 02:07 pm at 2:07 pm |
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