On Thursday, President Donald Trump signed an executive order aimed at helping 50 million Americans who lack workplace retirement benefits.
The order creates TrumpIRA.gov, a new digital platform scheduled to launch by January 1, 2027.
This website will allow gig workers, part-time employees and small business workers to find and compare low-cost, high-quality private-sector retirement plans.
A key feature of the plan is its integration with the Federal Saver’s Match.
Starting next year, the government will provide a matching contribution of up to $1,000 for lower-income workers who save for retirement.
During the Oval Office signing ceremony, Trump stated that “for millions of Americans who lack employer-sponsored plans, this will be really revolutionary because they’ll be covered.”
The order ensures these accounts remain affordable by capping administrative fees at 0.15%.
Trump noted that through this initiative, citizens will gain “access to the same type of retirement accounts that federal employees enjoy through the Thrift Savings Plans.”
By streamlining access to these federal incentives, the administration hopes to close the “coverage gap” and help Americans build long-term wealth with some projections suggesting young workers could eventually amass hundreds of thousands of dollars through consistent saving and federal matches.
