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McCain proposes suspending mandatory stock sales

 
 
Reply Fri 10 Oct, 2008 06:21 pm
McCain proposes suspending mandatory stock sales

Quote:
John McCain proposed Friday that the elderly be allowed to hang on to the stocks in their retirement funds and not be forced to sell them in a bad market.

The Republican presidential candidate would suspend requirements that people start selling off retirement investments when they turn 70 and a half.

"Spare investors from being forced to sell their stocks just in time when the market is hurting the most," McCain said to cheers at a western Wisconsin rally. "We have to protect investors, particularly those who are relying on investments for retirement."
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Type: Discussion • Score: 1 • Views: 1,934 • Replies: 6
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Robert Gentel
 
  1  
Reply Fri 10 Oct, 2008 06:23 pm
@Robert Gentel,
I like this proposal. Last night I was at a bar with a friend, who was telling me that he's taken a 40% hit on his stocks this year. I asked him if he was going to hold on, and he said he had to of course but that his mother who is retiring within a year took a 50% hit and is required to sell 15% at these rates.

I feel for those who are required to sell their life's savings at the current market rates, and don't see a lot of benefit in the requirement. I think this is a good proposal by McCain.
edgarblythe
 
  1  
Reply Fri 10 Oct, 2008 06:27 pm
@Robert Gentel,
This is a real positive and I think it should catch on.
0 Replies
 
Foxfyre
 
  1  
Reply Fri 10 Oct, 2008 07:32 pm
Hubby and I are winding down our business with hopes of retiring within a year or two, but we've taken a powerful hit on our 401K and IRAs. It would be a huge blessing not to have to deplete those funds further before we actually have to have them. A lot of our money is in closed funds where it would be difficult to withdraw and replace in the same fund.

I wouldn't mind having an option to start to pay the taxes on them without having to withdraw them while they are still depleted though. That could be another advantage somebody bright could offer.
cicerone imposter
 
  0  
Reply Fri 10 Oct, 2008 07:53 pm
@Foxfyre,
Fox, Tax rates will drop under Obama including capital gains. I'm laughing loudly as I write this.
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roger
 
  1  
Reply Fri 10 Oct, 2008 11:19 pm
@Foxfyre,
Given CI's comments on future taxation, you may or may not want to. Some incomes look on track to be punished, assuming he can get his schemes through Congress. Still, I vaguely recall hearing that it might be possible to convert either plan to a Roth, letting you pay taxes now. Don't think that would count as a withdrawal (if it can be done at all).

At my income level, it would be better to hold out for better tax rates (maybe) in the future.
Foxfyre
 
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Reply Fri 10 Oct, 2008 11:28 pm
@roger,
You might be right. I haven't taken time to put it to pencil and paper and of couse we would before we made any decisions.
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