LA CROSSE, Wis. (AP) - John McCain proposed Friday that the elderly be allowed to hang on to the stocks in their retirement funds and not be forced to sell them in a bad market.
The Republican presidential candidate would suspend requirements that people start selling off retirement investments when they turn 70 and a half.
"Spare investors from being forced to sell their stocks just in time when the market is hurting the most," McCain said to cheers at a western Wisconsin rally. "We have to protect investors, particularly those who are relying on investments for retirement."
Retirees forced to sell stocks in the continuing market chaos are taking tremendous losses. The Dow Jones industrials dropped 21 percent of its value in 10 trading days, and swung wildly in early trading Friday while the financial crisis deepened globally.