During his State of the Union address Tuesday, President Donald Trump said he plans to create a new retirement program that would give Americans without 401(k) plans access to an account.
Approximately 56 million Americans lack access to an employer-sponsored retirement plan, according to the Economic Innovation Group. This has left many workers missing out on the stock market’s record-breaking performance over the past 15 years.
To correct this “gross disparity,” Trump announced that his administration would match Americans’ 401(k) contributions by up to $1,000 each year, “as we ensure that all Americans can profit from a rising stock market.”
“I’m announcing that 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,” Trump said….