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    lkdk1990's Avatar
    lkdk1990 Posts: 3, Reputation: 1
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    #1

    Nov 11, 2008, 05:29 PM
    Congress allowing 401k withdraws
    Do you know if Congress is seriosly considering allowing people to withdraw up to 15k from their 401k's without paying penalties. If so, would you suggest doing so and putting the money towards a 6.9 percent home mortgage? Thanks.dk
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Nov 11, 2008, 05:54 PM

    I doubt if this will be done and its probably not a good idea
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Nov 12, 2008, 09:02 AM

    I've heard nothing this specific. McCain suggested loosening rules that require people 70-1/2 years old to make mandatory withdrawals. See:

    McCain Seeks Reform of 401(k) Rules | The Trail | washingtonpost.com

    Also there have been some rumblings about congress looking into other changes, but again - nothing specific. See:

    Washington Wire - WSJ.com : Amid Deep Losses, Congress Examines 401(k)s

    As part of the mortgage bailout packages being discussed I wouldn't be surprised if they changed the rules to allow penalty-free withdrawals to avoid home foreclosure, but that's just speculation.
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