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Updated: 12:31 PM Oct 11, 2008
McCain Proposes Suspending Stock Sales in Retirement Funds
McCain said Friday that his economic plan would spare investors who have to start selling off their retirement accounts at age 70 and a half. As the economy struggles and Wall Street plunges, the value of these accounts have tanked. Posted: 12:31 PM Oct 11, 2008Reporter: AP |
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LA CROSSE, Wis. (AP) _ John McCain is proposing a plan that would suspend mandatory sale of stocks in retirement funds.
McCain said Friday that his economic plan would spare investors who have to start selling off their retirement accounts at age 70 and a half.
As the economy struggles and Wall Street plunges, the value of these accounts have tanked.
McCain says investors shouldn't have to sell their accounts as the economy is at the lowest point in years. He says the investment rules should be suspended until the stock market recovers.
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Posted by: Scott
Location: chicago
on Oct 11, 2008 at 01:34 PM
It is not the stock sales, it is the distribution itself and the resulting tax. You can elect to take a distribution in cash (selling the investment), or an in-kind distribution, where you move the dollar amount of investments out of the IRA into a taxable investment account. Just like his mortgage idea, Mccain is giving off the impression he's grasping at straws here. Come on, Senator, please, you have far different ideas that you should be expounding on (taxes, healthcare) than coming up with brand new ideas just a few weeks before the election..Get back to being Mccain!
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