India, Oct. 6 -- US Treasury Secretary Scott Bessent said the child savings accounts known as Trump Accounts could work alongside Social Security and help improve retirement security for younger Americans.

Bessent said the accounts could give children a separate pool of money that may grow for decades and later be used for retirement. He made the comments at an event in Harrisburg, Pennsylvania, on Monday, while highlighting the Trump Accounts, according to Yahoo Finance.

Bessent pointed to the different ages at which people can start claiming Social Security - 62, 65 or 70. He said that if people keep their Trump Accounts invested until retirement age, they could have a substantial nest egg in addition to their Social Security benefits...