[quote=UCGal]We hear,often that people do not take personal responsibility for their retirement…
I read a while back that the average 50 year old only had $50k saved for retirement.
Now you’re proposing a scheme that would let irresponsible people gut their inadequateretirement savings.
Even if your idea were approved you need to account for taxes. Since 401k money is pretax you need to take out extra to pay taxes on it… and depending on what bracket you’re in, it could kick you into a higher tax bracket. It will be taxed at your highest rate.
It just seems like a fiscally irresponsible idea. Just my opinion.[/quote]
I agree, and beyond that, other than the vague credit for investing in solar, it does nothing meaningful to help the economy. Paying off debt is not stimulative, whether its home mortgage debt, credit card debt, or student loan debt. At least mildly to the contrary, it would potentially cause a pretty drastic fall in the stock market. The macro-economic benefits escape me.
