politics
President Trump says administration developing adult retirement accounts modeled on Australia
President Trump said Monday his administration is preparing a retirement savings plan for adults modeled on Australia's system. He stated the accounts would be discussed with Congress for possible implementation.
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President Trump said Monday that his administration is developing accounts for adults modeled on Australia's retirement savings system. "We're going to be doing also something we're working on later on, and it'll be also, I think, very popular, and I guess the best definition is they have a plan in Australia, which people really like," he said.
He added that officials would discuss the plan with Congress to determine whether it can be implemented.
Background on the proposal "That would be more for grown-ups, as opposed to children, but it's something that's going to be great, I think, if we can get it done," President Trump said. Australia requires companies to contribute 12 percent of workers' pay into retirement plans under its superannuation program.
" The president first expressed interest in such a program in December while announcing a $6.25 billion donation.
Related policy context Republicans have called for action on Social Security reform if they retain control of Congress in 2027. A trustees' report warned that monthly benefits could be cut by 22 percent in 2032 without changes. Lawmakers from both parties agree the system faces a funding shortfall, though they differ on whether to focus on reducing costs or increasing revenue.
