No workplace retirement plan? Trump's new site aims to change that
WASHINGTON – President Donald Trump signed an executive order on Thursday calling for a new government website where people in the United States can find and compare private-sector retirement savings accounts.
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The move aims to help millions of workers who don’t have access to one through their employer.
Trump’s executive order on retirement savings plans, 401k match
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Big picture view:
The new matching contribution, known as the Saver’s Match, comes from 2022 legislation passed under Democratic President Joe Biden.
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Starting in January, the Saver’s Match program will offer a maximum match of $1,000 for single filers and $2,000 for married couples who file jointly. It will offer smaller matches for single filers making less than $46,000 a year. It applies to contributions made toward 401(k) plans, IRAs and Roth IRAs.
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What they’re saying:
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“Beginning at the start of next year, every American will be able to go to TrumpIra.gov and open a new low cost IRA account,” Trump said Thursday. “You’ll then be able to access the same type of retirement accounts that federal employees enjoy through the Thrift Savings Plans, which are incredible. As part of the Federal Savings Match program, low income Americans will be eligible to receive up to $1,000 per year in matching funds deposited directly into their accounts.”
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He added: “The great thing for millions of Americans who lack employer sponsored plans, this will be really revolutionary because they’ll be covered. Nobody thought that was possible.”
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Trump’s order is meant to help make the match available to roughly 50 million people who do not have retirement plans offered by their employers. The Republican president is directing the Treasury Department to launch TrumpIRA.gov, where workers can compare private-sector retirement plans.
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He is not offering a new government retirement plan but helping match workers with existing plans from private companies.
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Trump’s executive order is meant to help make the match available to roughly 50 million people who do not have retirement plans offered by their employers.(Credit: Aaron Schwartz/CNP/Bloomberg via Getty Images) –> <!–>
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The details of the order were first reported by the news outlet Semafor.
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According to 2025 research, roughly 56 million Americans lack access to an employer-sponsored retirement plan through their job.
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Trump announces plan at State of the Union
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The backstory:
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During Trump’s State of the Union address in February, the president announced the retirement-savings plan.
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What they’re saying:
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“Your 401ks are way up, yet half of all working Americans still do not have access to a retirement plan with matching contributions from an employer,” Trump said during his speech. “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.”
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EARLIER: Trump announces 401k match of up to $1,000 for those without employer contribution
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He continued: “We will match your contribution with up to $1,000 each year, as we ensure that all Americans can profit from a rising stock market.”
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He didn’t elaborate on where in the federal budget the proposed matched money may come from.
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The Source: This story was reported from Los Angeles. The Associated Press, previous FOX Local reporting contributed.