President Donald Trump is expected to unveil a plan allowing Americans to use retirement savings for home down payments, according to reports and statements from administration officials. National Economic Council Director Kevin Hassett first hinted at the proposal on Friday, offering limited details about how withdrawals from 401(k)s would function.
Hassett suggested a potential mechanism 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 World Economic Forum in Davos next week.
The White House has not yet responded to requests for comment regarding the specifics of the proposal, including potential tax implications. Currently, employees who withdraw funds from retirement accounts typically face fees and taxes. The anticipated 401(k) plan is the latest in a series of housing affordability proposals from the Trump administration, which is facing increasing public concern about its handling of the economy. Home affordability remains a significant concern for many Americans.
The plan's potential impact on the housing market and retirement savings is currently unclear. Experts are likely to analyze the proposal's details, including potential tax implications and the long-term effects on retirement security, once they are released. The proposal comes as the administration seeks to address concerns about housing affordability and boost economic confidence.
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