President Trump Signs Executive Order for Retirement Savings Access

In an effort to address the retirement savings gap impacting over 50 million Americans, President Donald Trump signed an executive order on Thursday. This order establishes TrumpIRA.gov as a centralized federal marketplace tailored for independent contractors, part-time employees, and those lacking employer-sponsored 401(k) plans.

Titled “Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov,” the executive order aims to provide a platform for individuals to compare and enroll in affordable, quality retirement accounts from the private sector.

Besides serving as a comparison tool, the website will support the rollout of the Federal Saver’s Match, scheduled to begin in 2027. This program will offer government contributions of up to $1,000 for eligible low-to-moderate-income workers.

The executive order sets January 1, 2027, as the launch date, coinciding with the Saver’s Match program.

By modeling the marketplace after the Thrift Savings Plan for federal employees, the administration seeks to modernize retirement options and provide private-sector workers with a clearer pathway to financial stability.

“Tens of millions of Americans lack access to employer-sponsored retirement plans. Workers in small businesses, part-time workers, independent contractors, and self-employed workers face unnecessary barriers to saving for retirement,” Trump noted in the order.

He emphasized that his administration aims to grant these often-overlooked workers the same retirement-saving opportunities afforded to federal employees, including an accessible method to benefit from the $1,000 savings match.

The president stated that the U.S. should “promote high-quality, low-cost individual retirement accounts (IRAs)” that adhere to standards of transparency and cost-effectiveness. The executive order also aims to increase public awareness regarding the Federal Saver’s Match, enhancing participation in retirement programs.

The Saver’s Match, established by legislation in 2022, will start offering contributions up to $1,000 for single employees earning less than $35,000 annually beginning in January.

“Through a federally administered retirement-savings informational platform that highlights qualifying high-quality, low-cost, private-sector IRAs, the United States will promote retirement-savings participation and encourage access to retirement options akin to those of Federal employees,” the order outlined.

The executive order instructs U.S. Treasury Secretary Scott Bessent to get the website up and running by January 1, 2027. Users will be able to filter IRAs based on several criteria, such as cost and quality, according to a White House fact sheet.

Recent reports from the Economic Innovation Group indicate that about two-fifths of full-time workers and four-fifths of part-time workers—roughly 50 million Americans—do not have access to retirement savings plans through their employers.

The signing of this executive order fulfills a significant policy goal that President Trump initially presented during his State of the Union address on February 24. During that address, he pointed out a “gross disparity” in the financial system, revealing that nearly half the workforce, or around 56 million individuals, lack employer-sponsored retirement plans with matching contributions.

By honoring his commitment to provide these “often-forgotten” workers with a high-quality, portable savings option, the administration is positioning TrumpIRA.gov as a central element of its economic agenda for the upcoming term.

“We have millions and millions of people – because the stock market has done so well, setting all those records – your 401(k)s are way up,” he said. “Yet, half of all working Americans still do not have access to a retirement plan with matching contributions from an employer.”

“To remedy this gross disparity, I’m announcing that next year, my administration will provide 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.”