Excerpt: Sen. Barack Obama (D-Ill.) has proposed allowing people under 59 to withdraw up to 15 percent of their IRAs or 401(k) accounts, up to a maximum of $10,000, without having to pay the 10 percent penalty for withdrawing early, though income tax still applies. The penalty waiver is good only on withdrawals made in 2008 and in 2009. Obama also wants to exempt from taxation the withdrawals required by seniors 70-1/2 and older.  MORE >>