President Donald Trump revealed on July 6, 2026, that his administration is developing a plan to launch retirement savings accounts for adults, inspired by Australia’s superannuation program. Trump described the Australian system as highly successful and respected, noting it requires companies to contribute 12 percent of workers’ pay into retirement plans.
“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,” Trump said. He added that the administration would consult with Congress to explore implementation possibilities.
“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,” he stated. Trump first expressed interest in this approach last December during the announcement of a $6.25 billion donation from Michael and Susan Dell for the Trump Accounts.
The announcement comes amid bipartisan agreement that the U.S. Social Security system faces a crisis. A recent trustees’ report warned that without reform, beneficiaries could see their monthly checks reduced by 22 percent starting in 2032. Speaker Mike Johnson (R-La.) has urged Republicans to pursue Social Security reform if they maintain control of Congress in 2027, a call that has received mixed reactions.
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