Millions of Americans don’t have enough saved for retirement — and millions more don’t know where to start. With President Trump recently pointing to Australia’s retirement system as a potential U.S. blueprint, this is a rare moment when reform momentum is actually building. Policymakers should seize it.
Consider a young worker starting their first job today. Recent legislation means they’re likely automatically enrolled in a 401(k) from day one — real progress. But fast-forward a few decades: that same worker may have cycled through six employers, accumulated a tangle of small accounts, and still face the question that haunts millions of Americans: Will this be enough?
That story is increasingly the norm. Longer lifespans, less linear careers, a rising cost of living, and tighter government budgets are redefining what retirement security even means. The 2019 SECURE Act and its 2022 successor made meaningful progress — but gaps in longevity protection, savings adequacy, and coverage persist. With 401(k) and 403(b) plans now the backbone of retirement for most Americans, the case for deeper reform is urgent.
The Mercer CFA Institute Global Pension Index — which benchmarks retirement systems across 50+ markets on adequacy, sustainability, and integrity — makes the problem concrete. The U.S. scores well on integrity but consistently lags on adequacy and sustainability, exactly where reform could have the most immediate impact.
