Sen. John McCain wants to help Americans use their nest eggs to cope with the current economic turbulence.
McCain, R-Ariz., the Republican presidential nominee, today released a pension and family security plan.
One provision in the McCain proposal calls for the government to let taxpayers ages 60 and older pay a tax rate of just 10% on 2008 and 2009 withdrawals from individual retirement accounts and 401(k) plans.
The low withdrawal rate would apply to the first $50,000 withdrawn, according to a summary of the proposal prepared by the McCain campaign staff.