My Presidential Nomination

Posted by Charles D

November 3, 2008

With the election less than 48 hours from completion I am going to enter my hat into the ring and throw the support of this blog behind my favorite candidate. There is no doubt that both candidates will have a profound impact on not only the retirement of millions of seniors, but on all areas of the economy, point blank.

My choice: This man is a great man and will soon be a fine leader. The senator knows his stuff and his ticket will surely make history when their team will be the first of their kind ever in such a high position in the states. Without further adieu, I am voting for…….. the winner!

Please go out and vote, no matter your persuasion.

Here are how the candidates break down their proposals for IRA and 401(k) rules:

Here are the candidates proposals:

McCain: “Temporarily suspend mandatory annual withdrawals. Current rules require investors to start selling stocks at age 70½. Allow savers who are younger than 59½ to withdraw up to $50,000 at the lowest tax rate of 10 percent in 2008 and 2009.”

Obama: “Temporarily suspend mandatory annual withdrawals from Individual Retirement Accounts and 401(k)s. Current rules require investors to start selling stocks at age 70½. Exempt withdrawals made up to the required minimum amount from taxation. Allow savers to withdraw 15 percent, up to a maximum of $10,000, without paying a penalty as the law currently requires for withdrawals before age 59½. These withdrawals are subject to normal taxes.”