The Obama-Biden administration has promised economic assistance to struggling families shortly after officially taking office Jan. 20. On the financial agenda for the administration will be penalty-free 2008 and 2009 hardship withdrawals from IRAs and 401(k)s. Many families are going to be facing unique economic hardship over the coming year, the incoming team says. To help these families pay their bills and their mortgages and make it through these tough times, Obama and Biden are calling for legislation that would allow withdrawals of 15 percent up to $10,000 from retirement accounts without penalty (although subject to the normal taxes). This would apply to withdrawals in 2008 (including retroactively) and 2009.
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