President Trump’s proposal to give Americans without a workplace retirement plan the option to invest in a federal-style option similar to the Thrift Savings Plan (TSP) is strongly backed.
Breitbart reported that during President Trump’s State of the Union address, he unveiled a proposal to help Americans without employer-sponsored retirement plans, such as a 401(k), invest in a similar savings plan that federal workers use. He outlined the plan, saying it would be for “forgotten American workers, great people, the people that built our country, access to the same type of retirement plan offered to every federal worker.”
This plan will be a massive relief for hundreds of thousands of Americans. The National Center for Employee Ownership (NCEO) found that approximately 43 percent of working-age Americans lacked sufficient retirement savings. The center also reports that only 53 percent of private industry workers have plans with retirement benefits.
He also added that his administration will match their contributions with up to $1,000 each so that the private sector and all Americans can profit from the rising stock market.
The proposal was met with enthusiasm, according to a poll conducted by the grassroots super PAC Sentinel Action Fund. The poll focused on swing-state focus groups, and the results revealed that swing-state voters are backing the proposal. According to Breitbart, Jessica Anderson, president of the Sentinel Action Fund, said the response was overwhelmingly positive.
“President Trump’s new plan is designed to offer the workers who power our economy a piece of ownership in it. As the American workforce has changed over the last 30 years, it has become clear that the way Americans save and invest must also catch up,” Anderson said.
She added in her statement, “By offering these savings accounts to workers who don’t have access to employer-sponsored plans, this policy is opening the door for everyone to participate in the American Dream — and it is making everyone a stakeholder in the success of the economy.”
Organizations like the American Association of Retired Persons (AARP), DoorDash, Uber, Charles Schwab, and the Economic Innovation Group have applauded this proposal.