Ira Withdrawal Penalty Rules
November 24th, 2007
Question: Will IRA Withdrawal penalties be relaxed to help homeowners?
What with so many people losing their homes, shouldn’t IRA rules be relaxed to allow early withdrawal without penalty if it saves ones home?
I have to disagree. For people who have owned their homes for a long time but are suddenly unemployed (counting people who still don’t have jobs after running out of unemployment benefits, the unemployment rate would be at least 17%).. who owe less than what is in their traditional IRA acct.. it would save the home. Of course they could do it and take the penalty but that seems punitive given the current economic situation and the bazillions we’ve given away to bail out corps “too big to fail”. That was our tax money doing the bailing.
Answer: Such a plan has been suggested by nothing has passed as of yet.
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