New Trump order aims to give more people access to retirement savings plans

President Trump signed an executive order Thursday aimed at expanding retirement savings access for millions of Americans who lack employer-sponsored plans. The order directs the Treasury Department to create a new website, TrumpIRA.gov, where workers can compare private-sector retirement savings accounts.

“For millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they’ll be covered,” Trump said during an Oval Office signing ceremony. The initiative does not create a new government retirement plan but rather connects workers with existing private-sector options.

The order is designed to help approximately 50 million American workers whose employers do not offer retirement plans. It comes ahead of the January 2025 launch of the Saver’s Match program, a provision from legislation passed during the Biden administration in 2022 that will provide federal matching contributions for lower-income workers’ retirement savings.

Under the Saver’s Match program, eligible workers making less than $35,500 annually can receive a government match of up to $1,000 for contributions to qualifying retirement accounts, including 401(k) plans, traditional IRAs, and Roth IRAs. For married couples filing jointly, the maximum match doubles to $2,000. The full match benefit will be available to single filers earning less than $20,500, with gradually decreasing matches for those earning up to $35,500.

Trump first mentioned his retirement access initiative during his State of the Union address in February, when he highlighted the significant disparity in retirement plan access across the country. “To remedy this gross disparity, I’m announcing that next year my administration will give these 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,” he stated at that time.

The retirement savings gap represents a significant economic challenge in the United States, with approximately half of American workers lacking access to employer-provided retirement plans with matching contributions. Financial experts have long warned about the potential for a retirement crisis as workers without adequate savings vehicles face difficult financial futures.

During the signing ceremony, Trump expressed interest in expanding the Saver’s Match program beyond its current income thresholds. He indicated his administration wants “to take the match to the next level” by asking Congress to extend eligibility to those earning more than $35,500 annually.

Kevin Hassett, director of the White House’s National Economic Council, noted that many middle-income workers also lack access to employer retirement plans. “We’re working with Congress to significantly expand this program and are looking forward to legislation this year,” Hassett said at the ceremony.

The retirement initiative represents a rare area of policy continuity between the Trump and Biden administrations. While Trump’s executive order creates a new platform for accessing retirement options, it builds upon the Saver’s Match program established during Biden’s presidency, demonstrating bipartisan recognition of the retirement savings gap.

Financial industry analysts suggest that expanding access to retirement savings vehicles could have significant long-term economic benefits, both for individual Americans and the broader economy. Increased retirement savings could reduce future dependency on social safety net programs while providing more Americans with financial security in their later years.

The Treasury Department has not yet announced a specific launch date for the TrumpIRA.gov website, though it will need to be operational before the Saver’s Match program begins in January 2025 to maximize its effectiveness in connecting eligible workers with qualifying retirement accounts.