As Dow Tanks, McCain Offers Retirement Plan Proposal

(CBS)
From CBS News' John Bentley:

(LA CROSSE, WISC.) – John McCain announced a new proposal to suspend rules for selling off IRAs and 401k's today, as people may be forced to work longer even as the value of their retirement accounts have been decimated in recent days.

"We must also protect investors – especially those relying on their investments for retirement," McCain said. "Current rules mandate that investors must begin to sell off their IRAs and 401ks when they reach age 70 and a half. To spare investors from being forced to sell their stocks at just the time when the market is hurting the most, those rules should be suspended."

The campaign added that the current law is making seniors "sell their retirement assets at substantial loss," arguing that the government shouldn't make workers sell their holdings while the stock market is still turbulent.

While the economy has dominated the headlines and the Dow has plummeted, McCain's poll numbers have also taken a beating. During his three recent stops in Wisconsin, he has acknowledged that it will be a "tough" state to win, but believes he can pull it out.

"We're the underdogs and we're going to come from behind like we have every time in the past," he said. "How many times, my friends, have the pundits written off the McCain campaign – we're going to fool them again, we're going to fool them one more time."