WASHINGTON — President Trump has signed an executive order to create retirement accounts for tens of millions of workers who don’t currently have access to a 401(k) or another workplace plan.
“I promised to make the same types of retirement accounts enjoyed by federal employees available to all Americans, and that’s what we’re doing. It only seemed fair,” he said during the signing ceremony in the Oval Office.
Low-income earners without a retirement plan through their employer will receive a yearly federal matching contribution of up to $1,000 each, the president noted.
That designation applies to individuals making less than $35,500 annually, or couples making $71,000 each year jointly, Semafor reported.
About 56 million Americans lack access to an employer-sponsored retirement plan at work, according to Pew Research.
At least 27 million are already eligible for the retirement plans — but not yet enrolled through a 2022 law called Saver’s Match that allowed for the matching contributions.
The US Treasury Department will launch the website TrumpIRA.gov next year to begin fielding applications.
An earlier effort under former President Barack Obama, myRA, was eliminated by the 45th president in 2017.
The initiative comes as Trump touts his administration’s efforts to improve economic outcomes ahead of the 2026 midterms.
The Treasury is expected to start a messaging campaign in anticipation of the website launch in 2027.
Unlike Trump Accounts, the Treasury’s tax-advantaged savings plan for kids, the TrumpIRA proposal isn’t expected to partner with financial institutions and be entirely government-run.
