Every once in a while a politician comes up with a really good idea. John McCain did so this last week. He suggested that senior citizens not be required to cash in their retirement accounts as mandated by law.
For those who have not reached an advanced age, the law requires those who have set up tax deferred retirement accounts invested in the stock market to take a certain amount out in the year they turn 70 and ½ years of age. Doing so now, when the market is down, would result in a big loss for those who are retired. So, McCain’s idea would be a real benefit to those of us who have saved over the years for our retirement. Maybe hard work and frugal living has some benefits after all!