Exempt from taxes up to $60,000 per year of savings withdrawn by retirees from IRA's and 401K's.
Why is this important?
People lost over 30% of their retirement savings during the economic downturn, which disproportionately affected those nearing retirement. This has caused many people in their 50's and 60's to delay retirement, thereby not freeing up jobs for younger people. We believe that a tax waiver for the first $60,000 of retirement investments (IRA'S, 401K's) per year will result in greater economic security for retirees, and open up additional jobs.
