President Donald Trump is expected to unveil a plan allowing Americans to use retirement savings for home down payments. The announcement is scheduled for next week at the Davos World Economic Forum, according to National Economic Council Director Kevin Hassett.
Hassett hinted at the proposal on Friday, outlining a potential scenario where individuals could use home equity to bolster their 401(k) accounts. "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," Hassett said on Fox Business.
The White House has not yet released specific details regarding the plan, including potential tax implications. Currently, withdrawals from retirement accounts are typically subject to fees and taxes. A request for comment from the White House regarding the proposal was not immediately answered.
This proposal comes amid growing public concern about the administration's handling of the economy and a series of recent housing affordability initiatives. Home affordability remains a significant concern for many Americans. The anticipated 401(k) plan represents the latest effort to address this issue.
The plan's unveiling at the Davos World Economic Forum next week will likely provide further details and clarity on its implementation and potential impact.
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