Reduce age limit to get 401(k) funds
If lawmakers in Washington really wanted to help older, low-income workers they would lower the age limit for a person to be able to withdraw money from 401(k) retirement funds without having to repay it or pay an outrageous penalty fee to the IRS!
Currently workers must be 59 1/2 years old before being able to freely withdraw their own money! This unnecessarily rigid rule should be changed as soon as possible.
Due to the Great Recession and other factors, so many of us older folks are really struggling. My husband and I are not yet 59 1/2, but we are up to our necks in medical and other bills.
With the cost of living getting higher, it is impossible for us to save any money for retirement. So, why not let us have our own money now, when we really need it?
Lawmakers should lower the age requirement to at least 50. My husband and I would not object to a reasonable limit on withdrawals — say $50,000.