<2> Trump 401(k)? The President Could Announce Retirement Plans for Those Without Employer Offerings
<3> President Donald Trump’s Potential Plan for Retirement Savings
The current state of retirement savings in the United States is a pressing concern for many Americans. With millions of workers lacking access to employer-sponsored retirement plans, the need for alternative solutions has never been more pressing. President Donald Trump could potentially address this issue in his upcoming State of the Union address, unveiling a new plan to provide retirement savings options for those without employer offerings.
<3> The Current State of Retirement Savings in the US
According to a recent report by Bloomberg, approximately 55 million Americans do not have access to a retirement plan through their employer. This lack of access can have significant consequences for workers, particularly those in lower-income households, who may struggle to save for retirement on their own. In fact, a study by the Employee Benefit Research Institute found that workers without access to a retirement plan are more likely to rely on Social Security as their primary source of income in retirement.
<3> The Trump 401(k) Proposal
While details of the Trump 401(k) proposal are still unclear, it is rumored to involve a new type of retirement savings plan that would be available to workers without