What is the new 401(k)-style retirement plan announced by Trump in State of the Union address?

During his recent State of the Union address, President Trump unveiled a new retirement savings initiative designed to support individuals lacking employer-sponsored retirement plans. The proposal, reminiscent of a 401(k) program, aims to provide up to $1,000 in matching contributions each year for eligible participants. This initiative is particularly targeted at helping low- and middle-income workers, ensuring they have the opportunity to build a secure financial future. By introducing this plan, the administration seeks to address the growing concern over retirement security, as many Americans struggle to save adequately without workplace retirement options. The introduction of matching funds is expected to incentivize savings and encourage greater participation in retirement planning. As the country grapples with the implications of an aging population and a shifting job market, this proposal could mark a significant step towards enhancing financial stability for millions of workers across the nation.