Trump widens retirement account access for millions of US workers

US President Donald Trump on Friday signed an executive order aimed at expanding access to retirement savings accounts for millions of Americans whose employers do not offer workplace retirement plans, marking a significant push to extend retirement benefits to lower- and middle-income workers.

The order directs the US Treasury Department to launch a new online platform, TrumpIRA.gov, where workers will be able to compare and enrol in approved private-sector retirement savings plans beginning next year.

The initiative is designed to complement the federal government’s upcoming “Saver’s Match” programme, created under legislation passed during former President Joe Biden’s administration in 2022. The programme, set to take effect in January 2027, will provide matching contributions of up to $1,000 for eligible lower-income workers who contribute to retirement accounts.

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Speaking at an Oval Office signing ceremony, Trump said the measure would help address a long-standing gap in retirement coverage across the United States.

“For millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they’ll be covered,” Trump said.

The move seeks to extend retirement savings access to roughly 50 million Americans who currently do not have access to employer-sponsored plans such as 401(k)s, according to administration estimates.

Unlike a government-run retirement scheme, the executive order does not create a new federal retirement account. Instead, it establishes a government-backed portal that will allow workers to browse Treasury-vetted private retirement plans.

The plans are expected to be modelled on the federal Thrift Savings Plan, which serves more than six million federal employees and is widely regarded for its low-cost index fund offerings.

The Saver’s Match programme will offer up to $1,000 for eligible single filers and up to $2,000 for married couples filing jointly. The full match will be available to single workers earning less than $20,500 annually, with partial benefits tapering off for individuals earning up to $35,500.

The benefit applies to contributions made to eligible retirement vehicles including 401(k) plans, traditional Individual Retirement Accounts (IRAs), and Roth IRAs.

Trump said his administration is also working with Congress to broaden eligibility for the matching programme beyond workers earning $35,000 annually.

“We want to take it to the next level,” Trump said, adding that expanding the income threshold would allow more middle-income Americans to benefit.

Kevin Hassett, director of the White House National Economic Council, said the administration was already engaging lawmakers to secure legislative backing for an expansion.

“We’re working with Congress to significantly expand this programme and are looking forward to legislation this year,” Hassett said.