President Donald Trump last week took exception to a proposal backed by one of his economic advisors to let Americans tap their 401(k) savings for home downpayments — an idea that many financial advisors also oppose.
“I’m not a huge fan. Other people like it,” Trump told reporters on Thursday aboard Air Force One en route to Washington from Davos, Switzerland, where he had attended the World Economic Forum’s annual meeting. Kevin Hassett, director of the National Economic Council, told Fox Business on Jan. 16 that the president would unveil such an initiative while in Davos.
Trump added, “One of the reasons I don’t like it is that their 401(k)s are doing so well.”
The average 401(k) balance jumped 9% in the third quarter to $144,400 from the same time a year earlier, according to Fidelity Investments. The amount marks an all-time high.
Here’s a look at other stories affecting the financial advisor business.
