"Next year, my administration will give these often forgotten American workers, great people, the people that built our country, access to the same type of retirement plan offered to every federal worker. We will match your contribution with up to $1,000 each year, as we ensure that all Americans can profit from a rising stock market."
"Over 40 million Americans who work full-time don't have a retirement plan, and nearly 49 million don't have employer matching, according to the Economic Innovation Group. Many told us that they struggle to afford housing, groceries, and healthcare without adequate retirement savings, and others remain in the workforce to make ends meet."
President Trump announced a proposal to expand retirement savings access for Americans without employer-provided plans like 401(k)s. The federal government would match individual contributions up to $1,000 per year. Over 40 million full-time workers lack retirement plans, and nearly 49 million lack employer matching contributions. The program would operate similarly to the Thrift Savings Program available to federal workers, offering index-based investment options. This expansion builds on Biden-era legislation supporting low-income workers' retirement savings. The proposal addresses a significant financial challenge for aging Americans who rely heavily on Social Security and struggle with housing, healthcare, and living expenses.
Read at Business Insider
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