President Donald Trump is expected to unveil a plan allowing Americans to use their retirement savings for home down payments. The announcement is anticipated at the Davos World Economic Forum next week, according to National Economic Council Director Kevin Hassett.
Hassett hinted at the plan on Friday but offered few specifics regarding how withdrawals from U.S. workplace retirement accounts, specifically 401(k)s, would function. "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 stated on Fox Business.
The White House did not immediately respond to requests for comment regarding the proposal, including its potential tax implications. Currently, employees who withdraw funds from retirement accounts typically face fees and taxes.
This proposed 401(k) plan is the latest in a series of recent 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 details, including the mechanics of incorporating home equity into retirement accounts and the potential tax consequences of early withdrawals, remain unclear. The full proposal is expected to be presented by Trump at the World Economic Forum in Davos.
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