Proposal Would Allow 401K Funds to Pay for Home Modifications So People Can Age at Home

A bill introduced in the House last week would enable more Americans to live longer in their own homes as they age. The Home Modification for Accessibility Act (H.R. 7676), introduced by Reps. Charlie Crist (D-FL) and Thomas Suozzi (D-NY), offers financial incentives that encourage people to plan ahead, upgrade their homes and make them safer as they get older. The Act would allow for penalty-free early retirement withdrawals of up to $30,000 from a taxpayer’s 401(k) accounts to fund home modifications that enable seniors to age in place more easily.
 
HCAOA supports this proposal, and encourages all members to contact their members of Congress and ask them to support this bill by signing on as a co-sponsor. Click here to send a pre-written message to your representative. Stay tuned for updates on this important legislation.