As much as I love Meryl Streep, I’ve never seen “Sophie’s Choice.” It’s still on my list of must-sees though, and I was reminded of it today when I read that a bill introduced Oct. 5 by Sen. Johnny Isakson (R-Ga.) and Rep. Tom Graves (R-Ga.) would waive the 10% early withdrawal penalty on 401(k) hardship withdrawals up to $50,000 to prevent home foreclosure.
The measure — called the HOME Act (Hardship Outlays to protect Mortgagee Equity Act) — stipulates that the funds would need to be spent within 120 days of receipt, could not exceed 50% of the funds in the retirement account and still would be subject to income taxes.
