McCain proposes suspending mandatory stock sales

Yahoo News ^

[CatOwner]

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.

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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."

[CatOwner]

I think this is a very good idea.

[Azzurri]

Yes, I agree...and it should be done immediately, like today. This can’t wait for the next President.

[ari-freedom]

yup

[stockstrader]

I don’t know how anyone could oppose this. I think it was a ridiculous requirement in the first place (given longer life spans)!!!

[Travis T. OJustice]

Why should anyone EVER be told what to do with their own investments? This is America, right? Land of the free, and all that?

[TADSLOS]

Let's quit dicking around by playing desperation politics with peoples' savings. Here's an even better idea:

KILL THE BAILOUT PETITION

[Red Steel]

Yes, it's a good idea to suspend disbursement of IRAs that are tied to the stock market.

[rabscuttle385]

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

The requirement is not that you must sell your investments but that you must begin distributions (for traditional 401(k) employer-sponsored arrangements and for traditional, tax-deductible IRAs). If you have to sell stock in order to make such distributions, well then, buying the stock was your choice to begin with.

Roth IRAs (and I believe Roth 401(k) arrangements, too, but don't hold me to it) do not have such a requirement.

Folks with retirement accounts should have known the rules, or were they too stupid to read up on tax-advantaged retirement arrangements like they were too stupid to read their mortgage and their credit card contracts?

[cripplecreek]

Wrong link Tad. LOL

[keepitreal]

The only reason they mandate sales of IRA’s is so the thieves can extract their pound of flesh in taxes.

[TADSLOS]

Oh well, it's almost relevant.. LOL!

One more time...

KILL THE BAILOUT PETITION

[stockstrader]

The only reason they mandate sales of IRA’s is so the thieves can extract their pound of flesh in taxes.

Good point---the government would hate to see you die BEFORE they could extract those taxes....lol

[ari-freedom]

we need more flexibility now

[rabscuttle385]

More idiocy from Juan.

See my comment at post 8: "Folks with retirement accounts should have known the rules, or were they too stupid to read up on tax-advantaged retirement arrangements like they were too stupid to read their mortgage and their credit card contracts?"

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[reaganaut1]

Even McCain has a good idea once in a while.

[MarkT]

This is a good and reasoned idea and will be opposed by Obamaboy. The opposition will state since the elderly person who does not need to sell has enough income from non-retirement sources or SS and is, therefore, rich. We cannot bail out the rich. Off with their heads.

[rabscuttle385]

we need more flexibility now

Well, while you're at it, why don't you change the rules for folks like me and suspend my credit card and my student loan payments? /sarc

[WOBBLY BOB]

suspend capital gains taxes and repeal the taxes on rental property.

all those empty houses will get bought up quick so McCain won’t have to buy them all.

[mrsmel]

We've acquiesced for decades now, including the “temporary” income tax.

[Travis T. OJustice]

I am REALLY starting to feel like that guy out in Wisconsin.

Did anyone catch his name? He should go on tour with McCain/Palin.