President Donald Trump is expected to unveil a plan allowing Americans to use their retirement savings for home down payments. The announcement is slated for the World Economic Forum in Davos next week, according to National Economic Council Director Kevin Hassett.
Hassett hinted at the proposal on Friday, offering a hypothetical example on Fox Business. "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," he said. The plan would involve withdrawals from US workplace retirement accounts, known as 401(k)s.
The White House did not immediately respond to requests for comment regarding the proposal, including details on potential tax implications. Currently, employees who withdraw money from retirement accounts typically face fees and taxes.
This anticipated 401(k) plan arrives amidst a series of housing affordability proposals from the Trump administration. Public sentiment regarding the administration's handling of the economy has shown increasing pessimism, and home affordability remains a significant concern for many Americans.
The details of the "final plan" remain unclear, and the specific mechanisms for incorporating home equity into 401(k) accounts are yet to be disclosed. The announcement at Davos is expected to provide further clarity on the proposal's structure and implementation.
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