President Donald Trump signed an executive order on Thursday aimed at expanding access to retirement plans for workers without employer access through a new website.
"This afternoon, I'm thrilled to sign a historic Executive Order expanding access to high-quality retirement savings accounts for millions of Americans," Trump
said when signing the order. "In my State of the Union earlier this year, I promised to make these same types of retirement accounts enjoyed by federal employees available to all Americans, so that's what we're doing."
The order directs the Treasury Department to launch the site called TrumpIRA.gov by January 2027, when a federal "Saver's Match" program for low-income workers goes into effect.
The Saver's Match program was enacted as part of the
Secure 2.0 Act of 2022, which was signed into law by former President Joe Biden. The program provides a 50 percent matching contribution of up to $1,000 for single filers and $2,000 for couples who meet certain income thresholds. The federal program was designed to encourage retirement savings for low- to moderate-income savers.
Trump expects it to be "revolutionary" and will benefit millions of Americans who lack employee-sponsored plans.
"Beginning at the start of next year, every American will be able to go to TrumpIRA.Gov and open a new, low-cost IRA account. You'll then be able to access the same type of retirement accounts that federal employees enjoy through the Thrift Savings Plan, which are incredible," Trump said.
Under the program, if a 25-year-old invests $165 a month under the matching federal contributions, they will have an estimated $465,000 in their account by the time they are 65 years old, according to Trump.
"In other words, they'll be rich," the president said.
Unlike Trump accounts for certain children, the Treasury Department will not partner with specific financial institutions but will vet the offered plans.
A
2025 report by the Pew Charitable Trusts found that nearly half of U.S. employees in the private sector, or about 56 million people, do not get retirement benefits through their jobs. The vast majority of the country's $20.8 trillion in retirement savings was accumulated through employer-sponsored retirement plans, such as 401(k)s, according to Pew.
The same Pew report showed that a significant number of survey respondents—roughly 1 in 5—said they did not know what the best savings and investment options would be for building wealth.
Trump, during Thursday's executive order signing, hinted that this is only the "first step" to similar programs for hardworking, everyday Americans, saying the next step will require congressional approval.
Reuters contributed to this report.
