Trump makes major change to retirement plans: 41 million Americans could be eligible

President Donald Trump signed an executive order Thursday that could expand retirement benefits to as many as 56 million Americans.

“Hard-working Americans deserve retirement security in portable savings vehicles that offer access to low-cost investments similar to those offered to federal workers in the Thrift Savings Plan,” Trump said.

The order doesn’t create a new type of retirement account but establishes an online portal aimed at workers who lack employer-sponsored retirement plans such as 401(k)s. The site will provide links to low-cost IRAs offered by private-sector financial institutions.

TrumpIRA.gov will allow workers – including independent contractors and self-employed individuals – to research, compare and enroll in the plans. The site will go live on Jan. 1, 2027.

Eligible enrollees will also be able to receive federal matches of $1,000 per year. To be eligible for the government contribution, individuals must make less than $35,000 annually, or $53,250 per year for heads of households of $71,000 for married couples filing jointly.

Roughly 41 million American workers lack access to any employer-provided retirement plan, according to a White House fact sheet. Forty-nine million full-time workers and 14 million part-time workers do not receive an employer match to their retirement savings contributions.

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