Donald Trump to present plan allowing retirement savings for home down payments

The article reports President Donald Trump will unveil a proposal to let Americans use workplace retirement accounts, such as 401(k)s, for home down payments, and that a final plan will be presented at the Davos World Economic Forum next week.

President Donald Trump plans to announce a proposal that would allow people to use workplace retirement savings for home down payments. National Economic Council Director Kevin Hassett discussed the idea on Fox Business and offered only limited operational details. Hassett described an example involving moving a share of home equity into a 401(k) account and said a final plan would be presented at the Davos World Economic Forum next week. The administration has not yet released detailed rules or implementation specifics. Key points: - The proposal would permit use of workplace retirement accounts, commonly called 401(k)s, for down payments on homes. - Kevin Hassett hinted at the idea on Fox Business but provided few operational details. - Hassett used an example in which a 10% down payment is paired with placing a 10% share of home equity into a 401(k). - The mechanics of withdrawals, transfers, eligibility, and tax or regulatory treatment were not explained. - Hassett said the president will present a final plan at the Davos World Economic Forum next week. Summary: The proposal would link home purchases and retirement accounts, but the available reporting includes few specifics about how it would work in practice or how it would be regulated. A final plan is scheduled to be presented at the Davos forum next week.