President Donald Trump has signed a new executive order for retirement benefits, affecting millions of Americans.
The Associated Press reports Trump signed the order Thursday to expand benefits for low-income workers whose employers do not offer retirement savings accounts. It would direct the U.S. Treasury Department to create a new government website, TrumpIRA.gov, where Americans can find and compare private-sector retirement plans known as Individual Retirement Accounts (IRAs).
According to The Hill, qualified workers will be able to enroll in the IRAs when the website launches on Jan. 1, 2027. That’s also when the federal government will start matching retirement contributions for up to $1,000 a year to workers who make less than $35,000 annually or $2,000 per married couple that files jointly and makes less than $71,000.
The matching contributions will come from Saver’s Match, a 2022 legislation passed under President Joe Biden as part of the Secure 2.0 Act. Workers won’t need to access the program through their employers and can keep them if they change jobs.
The website is not a new government retirement plan, but TrumpIRA.gov will help eligible workers find plans from private companies. More than 50 million Americans currently do not have retirement plans offered by their employers, according to the AP.
“For millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they’ll be covered,” Trump said at a signing ceremony in the White House Oval Office.
The Hill reports an estimated 22 million Americans will qualify for Saver’s Match, according to a Pew analysis in April 2024. The program is intended to benefit younger workers, women and minority workers who make a low income.
The AARP said Thursday that 56 million workers currently lack access to retirement plans, including pensions and 401(k)s through their employers. Trump said the website will particularly help independent contractors, part-time workers, small business employees, and self-employed individuals with more investment options.
