President Donald Trump is expected to unveil a plan allowing Americans to use retirement savings for home down payments. National Economic Council Director Kevin Hassett alluded to the proposal on Friday, indicating that the plan would involve 401(k) accounts.
Hassett offered a hypothetical example on Fox Business, stating, "Suppose that you put 10 down on a home, and then you take 10 of the equity of the home and put it in as an asset in your 401(k). Then your 401(k) will grow over time." Trump is scheduled to present a "final plan" at the Davos World Economic Forum next week.
The White House did not immediately respond to requests for comment regarding the proposal, specifically regarding potential tax implications. Current regulations typically impose fees and taxes on employees who withdraw funds from retirement accounts.
This anticipated 401(k) plan is the most recent in a series of housing affordability proposals from the Trump administration, which is facing increasing public concern about its economic management. Home affordability remains a significant concern for many Americans. The details of how the plan would be implemented, and its potential impact on both the housing market and individual retirement savings, remain to be seen. The proposal's unveiling at the World Economic Forum next week is expected to provide further clarity.
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