00:00We will match your contribution with up to $1,000 each year.
00:04During his State of the Union address, President Trump announced plans to offer retirement accounts
00:08matched by the federal government to Americans who don't get a 401k at work.
00:13Half of all of working Americans still do not have access to a retirement plan with matching contributions from an
00:20employer.
00:21About 56 million Americans don't have access to an employer-sponsored retirement savings plan, according to AARP.
00:27BlackRock CEO Larry Fink warned about America's retirement crisis in his annual shareholder letter,
00:33writing that almost no one is close to the $2 million threshold that Americans say they would need to feel
00:38comfortable retiring.
00:39When asked about when the new 401k proposal would be available and if it needed an act of congressional approval,
00:45Treasury Secretary Scott Besson told NBC that we can do it through reconciliation,
00:50adding that the proposal will be rolled out in the coming weeks and months.
00:54Retirement experts and trade groups appear optimistic about the expanded access.
00:59AARP said it is looking forward to seeing more details,
01:02and the American Retirement Association CEO says the plan is definitely a work in progress.
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