Trump Expands Access to Retirement Savings for American Workers
Thanks to a new executive order from President Donald Trump, millions of American workers could have greater access to retirement savings that empower them to thrive as they age – and some could even receive matching contributions from the federal government.
Currently, about 54 million Americans don’t have access to an employer-based retirement plan like a 401(k), which often includes an employer match on contributions. Trump’s order aims to change that by instructing Treasury Secretary Scott Bessent to create a new website called TrumpIRA.gov which will “allow workers to filter and compare IRAs based on cost, quality, and investment options.”
The website is set to be operational by January 1, 2027, with a goal to “connect American workers who do not have access to employer‑sponsored retirement plans with high-quality, low-cost IRAs offered by private-sector financial institutions.”
Trump’s order comes at a critical time as some workers who do not have access to employer-sponsored retirement accounts will be able to receive $1,000 per year in matching funds from the federal government beginning next year through a program known as “Saver’s Match.”
Americans are eligible for the full $1,000 Saver’s Match if they make less than $20,500 per year as an individual or less than $41,000 per year as a couple. Smaller matches are available to workers making up to $35,500 as an individual or $71,000 as a couple.
The $1,000 match was made possible through the SECURE 2.0 Act, which Congress passed in 2022, and former President Joe Biden signed into law. Trump’s executive order ensures that as many Americans as possible have access to those matching funds by creating the website to expand awareness and increase the number of workers enrolled in eligible accounts.
The White House explained that the new website will “maximize public awareness of the Saver’s Match, ensuring that it reaches its full potential and boosting participation, particularly among workers who historically had no clear path to retirement savings and wealth building.”
The president explained why the executive order is so important during the signing ceremony.
“The great thing for millions of Americans who lack employer-sponsored plans, this will be really revolutionary because they’ll be covered,” Trump said. “Nobody thought that was possible. For example, if a 25-year-old who is eligible for a Saver’s Match program invests just $165 a month under the matching federal contributions, they will have an estimated $465,000 in their account by the time they’re 65 years old. In other words, they’ll be rich. And there’s something awfully nice about that.”
The order also directs the Treasury Department and the Internal Revenue Service to issue guidance clarifying “the tax treatment of contributions made by philanthropic and charitable tax-exempt organizations to IRAs on behalf of eligible workers.”
Bessent is likewise directed to “prepare legislative recommendations to codify and build upon the TrumpIRA.gov framework.” While Trump’s order is a momentous step forward, some retirement advocates are pushing for a larger federal match and automatic enrollment for workers.
Still, the order is yet another promise kept for the President. Trump pledged to give “often-forgotten American workers — great people, the people that built our country — access to the same type of retirement plan offered to every federal worker” during his State of the Union Address in February. The new program marks a major step toward fulfilling that commitment.
