McCain proposes 401(k), IRA changes

LA CROSSE, Wis., Oct. 10 (UPI) -- John McCain Friday proposed suspending the requirement that investors must start selling off IRAs and 401(k)s soon after age 70 during a speech in Wisconsin.

"My friends, we have to protect investors, especially those relying on their investments for retirement," the Republican presidential nominee said during a campaign event in La Crosse, Wis.

Current rules require that investors begin dissolving their IRAs and 401(k)s when they reach age 70 1/2.

"To spare investors being forced to sell their stocks at just a time when the market is hurting the most, those rules should be suspended," he said.

His proposal Friday was the second economic plan the Arizona Republican outlined this week. During Tuesday's debate with Democratic challenger Barack Obama, McCain said he were elected president, he would direct the treasury secretary to buy bad mortgages and renegotiate them at new-home values that would be more affordable.