President Donald Trump is considering a bold reform of America’s retirement system by looking "very strongly" at Australia’s retirement model, according to a report from Fox News on July 13, 2026. Trump’s initiative includes launching tax-deferred "Trump Accounts" for newborns, aimed at increasing the small percentage of Americans with investment accounts and broadening stock market participation.

Fox Business host Charles Payne supports the plan, saying it encourages entrepreneurial spirit among Americans. If enacted, this reform could represent the most significant shift in U.S. retirement policy since Social Security was signed into law in 1935.

Historically, many Americans worked for one employer for decades, receiving pensions and Social Security benefits designed for people to claim at age 65 and live to about 70. However, changing demographics and economic conditions have challenged this system.

While some Americans reacted skeptically to the idea of adopting another retirement plan, the proposal reflects a potential overhaul of how millions save for retirement. The plan’s details remain uncertain, but the Trump name may be attached to the new retirement accounts if legislation passes.

Sources also note that mandatory employer contributions to retirement accounts could act like a hidden payroll tax, as employers might offset costs through slower wage growth or other economic adjustments.

Sources