India, July 17 -- US President Donald Trump said his administration is looking "very seriously" at Australia's retirement system to see if parts of it can be used in the United States. Trump said at the 6th July White House event, Australia's retirement system has worked "very well" and is highly respected.

He said his administration will discuss it with Congress to see if it can be implemented in the US. The discussion comes as the US retirement system faces major problems, especially with Social Security running short of money.

Social Security, the government's retirement program, could become financially insolvent by 2032 if no action is taken. Only about half of private-sector workers in the US take part in workplace retirement plan...