The United States is developing a new retirement savings program that officials say will surpass Australia’s superannuation system in scope and benefits. Kevin Hassett, director of the White House National Economic Council, outlined details of the plan during a speech at the Economic Club of New York on Tuesday.

Hassett emphasized that a significant portion of the American workforce lacks access to employer-sponsored retirement plans, such as 401(k)s, which puts many workers at a disadvantage when preparing for retirement. According to Pew Charitable Trusts research from 2025, approximately 56 million Americans do not receive retirement benefits through their jobs.

In April, President Donald Trump signed an executive order aimed at helping workers without formal retirement plans establish savings accounts with favorable terms. These accounts, similar to those currently available to federal employees, will offer low-cost options and government matching contributions of up to $1,000 annually for low- and middle-income workers. To assist consumers, the administration is launching TrumpIRA.gov by January 1, a website where individuals can compare private sector retirement accounts.

Additionally, the government has introduced “Trump Accounts,” which are tax-advantaged investment accounts seeded with $1,000 for children born between 2025 and 2028. Hassett noted that he and Treasury Secretary Scott Bessent are working on expanding this program, with a formal proposal expected in roughly six weeks.

Hassett referenced recent discussions with Australian officials, including Prime Minister Anthony Albanese and Ambassador Greg Moriarty, about their country’s superannuation system, which mandates employer contributions totaling 12 percent of a worker’s salary. He argued that the U.S. initiative is superior by enabling individuals to begin accumulating retirement savings at birth, thereby maximizing the benefits of compound growth through investments over a lifetime.

Using his own calculations, Hassett estimated that a $1,000 initial investment at birth could grow to approximately $600,000 over time, illustrating the potential impact of early and sustained investment growth. He also stated that few Americans have historically benefited from such extensive compounding due to limited access to employer-sponsored plans and the voluntary nature of retirement savings in the U.S.

The proposed expansions and new tools reflect the administration’s broader objective to increase retirement savings participation and address gaps in coverage for millions of U.S. workers who currently have limited or no access to employer-backed retirement benefits.