Given the state of the economy, some may find it difficult to make ends meet. It seem silly to prohibit them from withdrawing a fraction of their retirement accounts if they have trouble paying their mortgage or the rent.
If they are unable to do this, some Americans would have no choice but to sell or re-finance their homes, or perhaps secure high-interest loans. These are the factors which caused our recession in the first place.

when I heard about this was that this was a plan to set people up to become dependent on Big Government to take care of them (not that I see black helicopters or anything) but even if that isn’t the aim it’s clearly a bad idea. Most of us don’t put away enough as it is – - we shouldn’t be allowed to deplete our retirement accounts just because we feel like it. Maybe some sort of hardship loan system would be viable based on clear need and clear future ability to repay?

Obama’s political platform is nothing but an old rhetoric borrowed from his communist Latin American friends like Chavez and Castro.

Let’s fight Obama’s Socialistic “Stealing from Americans” Policy for the Greater Good of Other Americans. Let’s promote the American Very Successful Tradition of Wealth Development:

When one American earns more…the others will soon follow.

Industry and Self-Help is a sure way to success.

Modern Americans have forgotten how we have established our economic strength in the last 3 centuries. Let’s go back to that tradition.

Hank Williams Jr. says that the McCain-Palin ticket has something “really good” to offer.

Here’s B.O. Caught on tape saying that ACORN and “Community Organizations” across America would play an important part in shaping his agenda:

http://roadsassy.com/2008/10/11/caught-on-tapeobama-promising-acorn-that-they-will-help-shape-his-policies-in-the-white-house/

was YES. I’ll pay off my car loan.

Then I started thinking that I would essentially be taking $12500 out of the market (since that’s what it cost me before to get $10000 in cash there now) to pay off $10000.

How about he waits till the market goes up another 30% and then lets me take it out so I at least make a profit!

I’ve been hoping that some politician would propose what I consider to be a more sensible policy — a limited time % match to retirement plan contributions. I don’t know the ideal percent (5? 20?, it depends what’s affordable) and it would need to be capped per individual, but this is something that would appeal to the middle class and actually help people both short- & long-term. Since the stock market must be at or near a bottom, this is probably a good time for it, too.

If you’re argument is that pulling money out tax free is bad, then I guess you mention McCain’s plan… Obama wants no taxes on the lower of 10k or 15% of your total retirement savings. McCain wants a fixed 10% tax on the first $50,000 withdrawn. Which of those 2 is more likely to have people withdrawing large sums now?

Yet another example of how Obama’s policies sound all warm and fuzzy, but actually can mean economic downturn and ruin.

believe anything these guys say before election day it comes down to character. the choice is for me a smooth talking lawyer or an American hero simple as that

This is a head scratcher for me. I’d be generally in favor of anything that reduces government paternalism. The idea that we have to control a citizen’s access to their money (I presume we all agree that 401k funds are indeed their money) seems to rise from a nanny-state mindset.

It is a withdrawal penalty, not necessarily a prohibition, but the nanny-state implication is pretty clear: government is engaged in social engineering designed to push citizens toward behaviors that government deems appropriate, by seizing some portion of a citizen’s savings when they behave “incorrectly” and rewarding them with some tax advantage when they behave “correctly”.

Selfishly I like 401k’s. From a principled perspective, it’s an area that the federal government should never have gotten itself involved in, and there would be numerous other ways for citizens to plan for and save for retirement without it.

McCain should one-up Obama and propose terminating the 401k program entirely, immediately allowing all citizens unfettered access to the entirely of funds they have contributed to date. Give citizens the responsibility to plan for and save for their own retirement and decrease the size of government.