President Trump signed an executive order Thursday that aims to broaden retirement savings options for millions of American workers who lack employer-sponsored plans, with the administration set to launch a new online portal, TrumpIRA.gov, on January 1, 2027.
The order paves the way for eligible employees to open Individual Retirement Accounts (IRAs) through the private sector, targeting the roughly 56 million workers—including independent contractors, part-time staff, small business employees and the self-employed—who currently have no access to workplace retirement plans, according to AARP.
The initiative aligns with the rollout of the Saver's Match program, which provides up to $1,000 annually in matching contributions for lower-income workers. A Pew analysis from April 2024 estimated that 22 million Americans could benefit from the program, with a maximum match of $1,000 per individual and $2,000 for married couples filing jointly.
Under the Saver's Match guidelines, single filers earning $35,500 or less and joint filers making up to $71,000 qualify for full or partial matches. Those earning $41,000 or less as joint filers receive the highest match rate of 50 percent, according to Retirement Clearinghouse.
The program is designed to particularly assist younger workers, women, and minority employees with lower incomes. A survey by Retirement Clearinghouse and Boston Research Technologies found that Black and Hispanic savers are expected to constitute a larger share of those receiving federal matching contributions. "Eligible Black and Hispanic savers who receive matching contributions will tend to be younger and will have lower incomes and retirement savings account balances than their White counterparts," the group stated.
The White House fact sheet emphasized the administration's goal: "President Trump wants to give American workers – particularly independent contractors, part-time workers, small business employees, and self-employed individuals – more investment options in order to attain stronger and more financially secure retirement outcomes."
Trump indicated Thursday that his administration would work with lawmakers on Capitol Hill to expand the match and broaden eligibility, as reported by The Wall Street Journal.
Twenty states have already implemented "auto-IRA" programs for low-income workers, enrolling over 1 million Americans, per AARP. A Morningstar report suggested that a federal auto-IRA program could bring another 32 million workers into the retirement savings system.
This move comes as Trump continues to push tax-related policies, including proposals to make Social Security benefits tax-free, a key pitch to seniors ahead of the midterms. Meanwhile, the administration faces ongoing challenges on other fronts, such as declaring the War Powers Act unconstitutional amid the Iran conflict.
