President Donald Trump said his administration is examining an overhaul of the U.S. retirement savings system modeled on Australia's superannuation funds. Under the Australian system, employers are required to contribute 12% of an employee's earnings up to $270,830 into an investment fund in the worker's name, with workers generally accessing the account only at retirement. Trump stated the plan is well-liked in Australia and that he will discuss it with Congress. Retirement experts caution that switching would not be an easy fix, as the government would still need to address already promised Social Security benefits and accounts would take years to build up, while higher compulsory employer contributions could spark business backlash.