An opportunity for more Americans to save for their retirement may be on the way.
President Donald Trump signed an executive order on Thursday aimed at expanding access to retirement plans for workers whose employers don’t provide one.
The order, first reported by Semafor, will direct the Treasury Department to launch TrumpIRA.gov, an online marketplace where workers without employer-provided retirement plans can select a private-sector one. Here’s what to know.
How will the plan work?
The new site will launch in January 2027, timed to align with the start of Saver’s Match, a federal program enacted in 2022 under President Joe Biden to match retirement contributions, with a maximum match up to $1,000 per individual.
To qualify for Saver’s Match, a single filer must earn less than $35,500 a year. Saver’s Match will replace the current Saver’s Credit, a nonrefundable tax credit that reduces tax owed.
Workers will be able to filter retirement plans by factors like “cost, minimum contribution, and minimum balance,” Semafor reported.
What else happens under the executive order?
The Treasury Department and the National Economic Council will draft legislative recommendations to expand Trump’s plan, such as automatically enrolling workers and making them eligible for the match.
