Like many North Carolinians, I’ve felt the growing strain of a life that’s becoming increasingly unaffordable. President-elect Trump’s victory was a resounding message from the American people that we can’t keep living like this. We voted decisively for the candidate we believe can Make America Great Again — by making America affordable again, especially for the working class. With a united government, we have a rare opportunity to enact bold, effective policies that bring real relief and create opportunities to build wealth over time.
One of the primary ways to build wealth in this country is through retirement savings. In fact, retirement savings are the largest aggregate source of wealth in America, even more so than home equity. But right now, there is a significant gap in our retirement system. Millions of workers — especially those working in the service industry, small businesses, and the gig economy — lack access to workplace retirement plans.
The consequences for those without an employer-sponsored retirement plan are significant. One in 10 low-income households nearing retirement age has any form of retirement savings. More than 25% of non-retired adults have saved nothing at all. Half of American families today risk facing a lower standard of living when they transition to retirement.
But this doesn’t have to be the case. The Retirement Savings for Americans Act (RSAA) is the solution we have been looking for.
Introduced in Congress by our state’s US Sen. Thom Tillis, it would establish retirement savings accounts for full- and part-time workers who don’t have access to an employer-sponsored retirement plan, providing a simple system that gives them full control over their money. With automatic enrollment, people can start saving immediately with the option to adjust their contribution rate or opt-out entirely. Independent contractors and gig workers are also included, ensuring no American is left behind.
For low- and moderate-income workers, the RSAA offers a significant boost — a federal tax credit providing up to a 5% matching contribution directly into their account. The accounts remain with the worker for life, following them from job to job. The solution is designed to help workers build wealth, pass it down to future generations, and take ownership of their financial future.
The RSAA is rooted in the principles of freedom and capitalism. It allows individuals to make their own financial choices and secure their financial futures. That is why this policy has garnered bipartisan support in a time when such unity is rare. We have a common-sense solution that brings together the best of both parties, working for the American people and delivering the financial freedom they deserve.
As someone who has seen firsthand the challenges many North Carolinians face in securing a stable retirement, I firmly believe the RSAA is a step we must take. It’s time for our leaders in Congress to support this bill and help North Carolinians — and all Americans — achieve a dignified retirement.
I hope our North Carolina representatives follow Sen. Tillis’ leadership on RSAA. As the Tar Heel State, we’ve always prided ourselves on being a beacon of opportunity. By embracing this act, our elected officials can continue that tradition by providing our hardworking residents with the financial security they need to enjoy their golden years.
The RSAA strengthens the very foundation of the American dream: work hard, save, and enjoy a peaceful retirement. It ensures families can pass down wealth, creating financial stability for future generations. Supporting this bill means supporting a future where all North Carolinians — and all Americans — can retire with dignity and peace of mind.
I hope Congress and President-elect Trump will act immediately after being sworn in to pass the Retirement Savings for Americans Act and set our people on a path toward financial freedom and prosperity.