US President Donald Trump has signed an executive order to expand access to retirement savings for millions of Americans without employer-sponsored plans. The initiative aims to make retirement tools more widely available, particularly for low-income individuals.
The plan is primarily aimed at workers without access to employer-provided retirement accounts, estimated to be around 56 million Americans. A key feature is a federal matching contribution of up to $1,000 per year for eligible participants.
Eligible individuals will be able to open accounts through a proposed platform, TrumpIRA.gov, where they can select qualifying retirement plans and receive the federal match if they meet the criteria. The Treasury Department will oversee the rollout, including listing approved plans and providing information on how to access the benefit.
The new initiative will allow individuals to open low-cost Individual Retirement Accounts (IRAs) similar to those available to federal employees through the Thrift Savings Plan. Officials say the order is meant to complement existing laws that provide matching contributions, while expanding awareness and access to retirement savings tools.
The program is expected to begin from next year, with matching contributions expected to be added to eligible accounts. Further implementation details are expected as the program moves closer to its rollout date.
