Karen Andres, director of lifelong saving and investing with the Aspen Institute’s Financial Security Program, said new ideas are needed to help those without a public pension or 401(k), but many questions remain.
"How does it fit in with the existing retirement savings industry?" said Andres, "How can we ensure that the workers who need it the most have access to it, or are automatically enrolled into it?"
She said the plan could build on the 2022 Secure Act, which created a Savers Match program set to launch in 2027 for low-to-moderate income workers. Trump said he wants to “ensure all Americans can benefit from a rising stock market,” but experts note it will take the will of Congress to make that a reality.
Public sector jobs have historically offered reliable retirement benefits, especially for Black workers and women, but more state governments are shifting away from pensions towards 401(k)-style plans to reduce financial liability. Experts say that means greater insecurity for individuals and communities that have historically been denied other pathways to wealth.
Andres said small businesses are also less likely to offer any sort of retirement plan due to the cost.
"This is what we have to fix is," said Andres. "In my view, and our view at the Aspen Institute, is to ensure that everybody in America – no matter who you are, where you work, or how you get paid – has access to a really high-quality retirement plan."
Andres said she’d like to see a greater focus on strengthening Social Security. The trust fund that pays Americans' retirement benefits is projected to run out of cash by 2034.
President Trump has vowed to always protect the program, but didn’t address the pending shortfall in his speech.
