Photo: Chip Somodevilla/Getty Images

President Trump signed an executive order on Friday directing a review of a mandate prompting retirees to start taking money out of 401(k) plans when they are 70-and-a-half years old.

Why it matters: If the age requirement is scrapped, retirees in theory could keep more money in tax-sheltered savings plans for a longer period of time, the Wall Street Journal reports. Multiple employer retirement plans would trim the costs for small businesses, but some critics say not many businesses would participate. The order also asks the government to consider regulations that would allow small businesses to "team up" in offering retirement plans to employees.

Editor's note: This story has been updated to reflect that President Trump signed the executive order.

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President Trump's suburbs

Photo illustration: Annelise Capossela/Axios. Photo: Tom Williams/CQ Roll Call.

President Trump cast an outdated vision of "the 'suburban housewife'" as he swiped this week at Joe Biden's newly minted running mate Kamala Harris — building on his months-long play to drive a wedge through battleground-state suburbs by reframing white voters' expectations.

The big picture: As he struggles to find an attack that will stick against the Biden campaign, Trump for a while now has been stoking fears of lawless cities and an end to what he's called the “Suburban Lifestyle Dream.” It’s a playbook from the ‘70s and ‘80s — but the suburbs have changed a lot since then.

Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.