Trump Expands Retirement Access With New Accounts Targeting Millions Without Plans
President Donald Trump signed an executive order aimed at dramatically expanding access to retirement savings, creating new account options for tens of millions of Americans who currently lack employer-sponsored plans.
The initiative targets workers who do not have access to a 401(k) or similar workplace retirement program, a group estimated at roughly 56 million people nationwide. The plan is designed to bring those individuals into the retirement system through federally supported accounts.
Under the order, lower-income workers will be eligible for a federal matching contribution of up to $1,000 annually. The benefit applies to individuals earning less than $35,500, heads of household making up to $53,250, and married couples earning up to $71,000 combined.
Trump described the move as a major shift in retirement policy, arguing it would extend benefits similar to those available to federal employees to a much broader segment of the population. He emphasized the long-term growth potential of consistent contributions paired with federal matching funds.
The program builds on the existing Saver’s Match framework, created under a 2022 law, which allows qualifying individuals to receive government contributions toward their retirement savings. Millions of eligible Americans have yet to enroll, and the administration is aiming to close that gap.
A key component of the rollout will be a new Treasury Department platform, TrumpIRA.gov, which is scheduled to launch on January 1, 2027. The site will serve as a centralized hub where individuals can find participating financial institutions and open qualifying accounts.
The plan is expected to benefit a wide range of workers, including gig economy participants, freelancers, and self-employed individuals who often lack traditional retirement benefits. Small business owners without formal retirement programs could also see expanded options.
Federal projections have estimated that the Saver’s Match component could cost approximately $9.3 billion between 2027 and 2032, reflecting the scale of anticipated participation once the system is fully implemented.
The executive order also directs the Treasury to work with financial institutions to ensure broad access and streamline enrollment, while encouraging Congress to pass legislation that would formally codify the policy.
The move follows earlier retirement-focused initiatives from the administration, including a separate “Trump Accounts” program that provides tax-advantaged savings accounts for children born between 2025 and 2028, each seeded with an initial $1,000 contribution.
With the new order, the administration is positioning retirement access as a central economic issue ahead of upcoming elections, highlighting efforts to expand savings opportunities and long-term financial security for American workers.