SAN FRANCISCO — Merrill Lynch Chairman William A. Schreyer on Friday called on the federal government to allow tax-free withdrawals from Individual Retirement Accounts for medical, education and housing expenses.
In a speech to the Commonwealth Club of California, Schreyer urged the government to "put some financial sex appeal" into IRAs by allowing the withdrawals.
"With savings at a dangerously low level, we need to encourage private savings," Schreyer said in prepared remarks. "With health care costs escalating, we need to encourage more people to provide early for their own future health care needs."
The Merrill Lynch & Co. chief executive said tax-free withdrawals from IRAs would encourage people to save for the future without worsening the budget deficit.