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 plan on Friday, offering a hypothetical example of how withdrawals from 401(k)s might work. "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 did not immediately respond to requests for comment regarding the specifics of the proposal, including potential tax implications. Currently, withdrawals from retirement accounts are typically subject to fees and taxes.
This proposed 401(k) plan is the latest in a series of housing affordability initiatives from the Trump administration, which is facing increasing public concern about its economic policies. Home affordability remains a significant concern for many Americans.
The plan's details, including how it would address potential risks to retirement savings and its impact on the housing market, remain unclear. The announcement at the Davos World Economic Forum is expected to provide further clarification.
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