Waive the 10% penalty for early withdrawing from 401K for workers 50 and older who lose their jobs.

As Senator Jack Reed said recently: “You’re 40 or 50 years old and you’ve worked all your life, and suddenly you’re thinking: I may never get a job anything like the one I had when I was laid off.” This is playing out all across America. The time has come to eliminate the 10% penalty for early withdrawal from 401K for older workers. Many older workers have been unable to find another job or one that provides income even close to what they were making previously. They need this money to stay afloat, to keep their homes and feed their families. Taxation on retirement funds should be lowered as well.