Trump's universal 401(k) architect on why lower-income people distrust retirement accounts: 'they want to know what the catch is'

A man wearing a red hat shakes Trump's hand in a crows (Credit: Tom Williams—CQ-Roll Call, Inc via Getty Images)

With rising prices and one of two Social Security trust funds set to dry up by 2032, a comfortable retirement seems more and more out of reach for many Americans. 

The Trump administration wants to change that. At Tuesday’s State of the Union, President Donald Trump announced a plan to bring retirement savings accounts to the 54 million American adults who don’t have employer-backed retirement plans. Economists have estimated that a plan like Trump’s would help the poorest 25% of Americans save between $138,000 and $610,000 for their retirement.