Adler Fights to Protect Retirees

ADLER FIGHTS TO PROTECT RETIREES

Calls for Bi-Partisan Action to Provide Relief to Middle-Class Americans Punished by Bush-Myers Economic Policies

For Immediate Release:
October 14, 2008

Mt. Laurel, NJ – Democratic congressional candidate John Adler today called on the White House and Congress to take immediate steps to protect and replenish the vanishing nest eggs of millions of Americans. Adler's initiative would extend to 75 the age at which Americans are forced to withdraw and pay taxes on their 401-K plans - the money they count on to carry them through retirement but which is rapidly evaporating because of the failed Bush economy.

Adler, who is running against Republican Chris Myers - the Bush economic disciple who stubbornly insisted the economy was "basically strong," - called on the Republican president and Democratic House to reach across the aisle and "take whatever action is necessary to suspend all rules requiring Americans to begin withdrawing money from their retirement accounts at age 70 and a half."

Under the current system,  federal law requires hard-working, responsible Americans who have been saving for their retirements in individual 401K plans are required to begin withdrawing those funds at age 70 ½.

The Adler initiative would delay the mandatory draw-down on 401k funds until age 75, giving middle-class families the opportunity to rebuild their nest eggs. Adler also wants the relief extended to cover current retirees between the ages of 70 to 75 who must return to work to rebuild their evaporated retirement funds.

"Because of the Bush economic meltdown, Americans have lost $2 trillion from their retirement accounts in the last 15 months – ravaging individual accounts by 20 to 50 percent and, in some cases, even more, " Adler said. "This is devastating to millions of hard-working, middle class taxpayers who will be forced to work longer and to many recent retirees who will be forced to return to work to rebuild their ravaged retirement savings."

"These folks aren't asking for bailout," Adler said. "They just need the opportunity to rebuild their savings without being penalized for their efforts - and my proposal is a simple, common-sense way to be sure that happens. If we can afford to bail out the Wall Street banking and insurance giants who helped create this economic fiasco, we surely can afford to provide relief to its victims."