Hey John, Some people actually need the money.

[soupkitchen]

Yesterday, on another thread, I suggested that capped tax free withdrawals be temporarily allowed from 401k plans for people over 59 1/2. My suggestion was $20,000, but I was pleased today when I saw the Obama campaign had proposed a $10,000 tax free withdrawal. But then, I heard John McCain denounce this idea because it would create flights from the capital markets. Rather, his suggestion is that people not be required to begin withdrawing from their IRA when they turn 70.

Uh, John, some people need the money. Maybe more than some people. Maybe most people. So, instead of coming up with an idea to put more money into hurting pockets you propose an idea to help the wealthy avoid having to sell their assets into a down market. Now, I'm not instinctively opposed to delaying the mandatory commencement of IRA draw downs. Maybe that's a reasonable idea. But, it in no way helps people who need their money now. But I guess thats a concept that McCain will never understand. Just will never understand. That some people actually need their retirement funds to live on. Which is why should never be President of the United States.

[sandnsea]

1. Obama is supporting both

When he announced the tax-free $10,000, he also said he supported lifting the requirement to withdraw money. I agree with you, the latter was to help the market. The $10,000 is to help regular people. Funny about who gets that, every single time.