President Trump's latest proposal to overhaul the US Social Security system is sending shockwaves through Washington, with the Commander-in-Chief revealing he's drawing inspiration from Australia's innovative superannuation model. Under the Australian system, companies are required to contribute a percentage of their employees' wages into a retirement plan, a stark contrast to the US's "pay-as-you-go" system, where workers' contributions are used to fund current retirees' benefits. Trump's comments have sparked concerns about the potential impact on US workers, who may see their employers take on a greater role in funding their retirement. As the debate over Social Security's future heats up, experts are weighing in on the pros and cons of adopting an Australian-style system and what it could mean for American workers.
President Trump says he’s looking to Australia for inspiration on how to overhaul his nation’s Social Security system and put people in “much better shape” by retirement age. Australia’s superannuation system requires companies to contribute a percentage of their workers’ pay into a retirement plan. The U.S. operates as more of a “pay-as-you-go” system in...
