President Donald Trump signed an executive order on Thursday aimed at increasing access to retirement plans for millions of workers whose employers do not offer them.
Creation of TrumpIRA.gov
The executive order directs the Treasury Department to establish a new website, TrumpIRA.gov, designed to help workers find and enroll in private-sector Individual Retirement Accounts (IRAs). According to Trump, this initiative will provide workers with access to the same retirement accounts available to federal employees through the Thrift Savings Plan.
Trump described the effort as “revolutionary” for millions of Americans who lack employer-sponsored retirement plans, saying it would help them save for their futures.
Features of TrumpIRA.gov
The website, scheduled to launch by the beginning of next year, will allow users to filter and compare different IRAs based on factors like cost, quality, and investment options. It aims to make it easier for workers to find retirement plans that best fit their needs.
Introduction of the “Saver’s Match”
The launch of TrumpIRA.gov also aligns with the introduction of a new federal retirement savings incentive known as the “Saver’s Match.” Set to take effect in 2027, the Saver’s Match was established under 2022 legislation signed by former President Joe Biden.
Under this program, the federal government will match retirement contributions for eligible individuals up to $1,000 per person and $2,000 per couple. To qualify, individuals must earn less than $35,500 annually, or less than $71,000 for couples. Rather than receiving a tax credit, those eligible will have the matching funds deposited directly into their retirement accounts.
The White House stated that TrumpIRA.gov will raise awareness of the Saver’s Match and drive higher participation in the program, helping it reach its full potential.
What is TrumpIRA.gov?
While the executive order does not establish a new government retirement plan, it directs the creation of a website that will serve as a centralized hub for connecting Americans with private-sector IRAs. The site will allow users to filter IRAs based on factors such as cost and quality and provide details about eligibility for the upcoming Saver’s Match contribution.
IRAs are tax-advantaged savings accounts designed to help individuals build a retirement nest egg, especially for those without access to employer-sponsored plans like 401(k)s.
Addressing Retirement Savings Gaps
According to The Pew Charitable Trusts, nearly 56 million workers in the private sector — about half of the workforce — do not have access to retirement benefits through their employers. A recent study found that the typical American worker has less than $1,000 saved in 401(k)-type accounts, primarily due to the lack of access to employer-sponsored retirement plans.
Future Legislative Action
The executive order also directs the Treasury Secretary to prepare legislative recommendations aimed at expanding access to quality, low-cost IRAs and a federal matching program for all Americans. This would help establish a permanent path for workers to save for retirement, regardless of their employer’s benefits offerings.
