Bill Clinton: “Let me say to the young lady that asked this question, we changed the law on IRA's, individual retirement accounts which…”

“Let me say to the young lady that asked this question, we changed the law on IRA's, individual retirement accounts which would require you to be able to put away something over and above your Social Security tax. But now, if you put money into an IRA now, and you have to withdraw from that IRA to meet a medical emergency or for a first-time home or to pay for education, you can do that without a penalty now. And if you do it for education, you do it without even paying any tax at all on the gain. So there is a way under the present system, as a young person, that you can save. And if you face a medical emergency, you could withdraw from the savings without penalty, but it would have to be over and above what you pay in your payroll tax. And that wouldn't be changed by what Senator Santorum--he wouldn't make it any harder for you to do that. And we tried to make it easier, in the way we changed the law in the last 2 years. [An audience member suggested changing the Social Security cap.]”