Allow penalty-free 401(k) withdrawals for home-buying costs

McGuire introduced the Home Savings Act, which would remove penalties for withdrawing money from a 401(k) account when it is used for closing costs or a down payment on a home. The bill is a proposal; the text does not specify other withdrawal rules or limits.

Context: The stated exception applies to withdrawals used for home-purchase closing costs or down payments; other rules and limits are not specified.

In their own words

This bill will remove penalties for withdrawing from a 401(k) account when the money is used for closing costs and down payments associated with purchasing a home.

The source

John J. McGuire III: official policy priorities

Published: Original date not established; campaign context manually checked
Retrieved: 11/10/2026