Trump announces new retirement accounts for Americans without 401(k) plans. Here's what to know.
CBSN
President Trump said during his State of the Union address on Tuesday night that he wants to fix a "gross disparity" in America's retirement system by creating new accounts for the roughly 56 million Americans who lack an employer-sponsored savings plan. Edited by Alain Sherter In:
President Trump said during his State of the Union address on Tuesday night that he wants to fix a "gross disparity" in America's retirement system by creating new accounts for the roughly 56 million Americans who lack an employer-sponsored savings plan.
"[H]alf of all of working Americans still do not have access to a retirement plan with matching contributions from an employer," Mr. Trump said.
The plan will be based on the Thrift Savings Plan offered to federal workers, with the U.S. government providing a match of up to $1,000 per year, Mr. Trump added.
The current retirement system effectively excludes millions of Americans who lack access to 401(k) and similar plans, according to a recent report from the National Institute on Retirement Security (NIRS). The nonpartisan group found that most Americans without an employer-sponsored plan are unlikely to put any money away for retirement.
Mr. Trump highlighted the issue in his speech by pointing out that the typical 401(k) balance is about $30,000 higher than when he took office, while noting that millions of workers without employer-sponsored plans and company matches aren't enjoying the same gains.
A bitter Democratic primary is unfolding in Maine as two candidates battle for the chance to challenge five-term Republican Sen. Susan Collins, one of the GOP's most vulnerable incumbents in the upcoming midterm elections.
From a surprising heatwave in California to blizzards burying parts of the Midwest and storms rolling over the East Coast, chaotic weather put more than half the nation's population in the path of extreme conditions Monday.
The race to fill the seat of retiring Illinois Sen. Dick Durbin has been heating up in the days leading up to Tuesday's 2026 Democratic primary and could set the tone for other midterm primaries on issues like President Trump's deportation policies and outside spending. And another factor in the race is Gov. JB Pritzker's attempt at powerbrokering: he's given his endorsement and millions in campaign funds to his lieutenant governor, Julianna Stratton. In:
A man who was accused of planting pipe bombs outside the Republican National Committee and Democratic National Committee headquarters on the eve of the Jan. 6 attack in 2021 is asking a judge to dismiss the criminal charges against him, arguing he is covered by President Trump's sweeping pardons of alleged Jan. 6 rioters.
Kouri Richins, a Utah mother accused of murdering her husband and later publishing a children's book about grief, has been found guilty on all charges by a jury in Utah. The Associated Press contributed to this report. In:
The Kennedy Center's board of directors voted on Monday to shut down operations for two years as President Trump calls for a major overhaul of the D.C.-based performing arts institution. In:
A person believed to be the ex-wife of the suspect in the attack at Michigan's Temple Israel last week told authorities that the suspect was "not stable" ahead of the attack, according to a 911 call obtained by CBS News Detroit. Lucia I Suarez Sang contributed to this report. In:
The Cuban government is planning to allow Cuban nationals who live abroad — including in the U.S. — to invest in companies on the island, a top government official told NBC News in an interview that aired Monday, as the country faces economic collapse and immense pressure from the Trump administration.
U.S. Soccer and Nike on Monday unveiled new national team kits ahead of the 2026 FIFA World Cup. The collection includes two primary jersey, stars and stripes, as well as a new goalkeeper uniform. In:
Washington — The Supreme Court on Monday said it will consider the Trump administration's efforts to roll back temporary deportation protections for thousands of immigrants from Syria and Haiti. In:
Costco is recalling a meatloaf and potato meal kit in nearly 30 states because it may be contaminated with salmonella, the retailer said in a notice to customers. Edited by Aimee Picchi In:
Outspoken Border Patrol official Gregory Bovino is retiring from federal service at the end of this month, after being pulled away from a high-profile role leading immigration raids in major U.S. cities, two sources directly familiar with his decision told CBS News on Monday.
White House chief of staff Susie Wiles has been diagnosed with an early stage of breast cancer, she confirmed Monday. Jacob Rosen, Olivia Rinaldi and Caitlin Huey-Burns contributed to this report.