Summary
President Donald Trump is planning to announce a new proposal allowing Americans to use their retirement savings for home down payments. The plan will be detailed at the Davos World Economic Forum, but specifics such as tax impacts have not been disclosed.
Key Facts
- President Trump plans to let people use retirement savings for home down payments.
- The plan relates to 401(k) retirement accounts in the U.S.
- The proposal will be presented at the Davos World Economic Forum.
- Current rules usually impose fees and taxes on early retirement withdrawals.
- Trump aims to address housing affordability issues through this plan.
- Recently, Trump has introduced other housing-related initiatives, including banning corporate investors from buying single-family homes.
- Trump's administration directed the purchase of $200 billion in mortgage bonds.
- Mortgage rates recently fell below 6%, though experts warn that bond purchases may not sustain low rates long-term.
