Donald Trump Floats New Retirement Program

By Gabe Whisnant

Breaking News Editor

ShareNewsweek is a Trust Project member

President Donald Trump on Tuesday said his administration is exploring a new retirement savings program modeled in part on Australia’s system, telling reporters there is “a certain Australian plan that people are liking” as he floated the idea without offering details.

Trump said, when asked about potential policies aimed at raising the U.S. birthrate, "We are looking at programs. There's a certain Australian plan that people are liking and they're talking about. You know what I mean? There's a plan where, not for children necessarily, but it's for people. Working people. And we are looking at other things. Different from this. I think this is very unique. But different from this. But very important. Yeah."

The president gave the remarks at a White House event where billionaires Michael and Susan Dell on Tuesday pledged $6.25 billion to help provide 25 million American children age 10 and under with an incentive to claim the new child investment accounts created under Trump’s tax and spending package.

What is Australia Retirement Trust?

Australia’s retirement system is built around “superannuation,” a compulsory savings program in which employers contribute a set percentage of a worker’s earnings into a private retirement fund. Workers can also make voluntary contributions, and the accounts grow over time through investment returns. The money is generally preserved until retirement age, creating a mandatory, nationwide nest egg that supplements Australia’s public age pension.

Loading twitter content...

This is a breaking news story. Updates to follow.