WASHINGTON — President Trump has signed an executive order to create retirement accounts for tens of millions of workers who don’t currently have access to a 401(k) or another workplace plan.
“I promised to make the same types of retirement accounts enjoyed by federal employees available to all Americans, and that’s what we’re doing. It only seemed fair,” he said during the signing ceremony in the Oval Office.
Low-income earners without an individual retirement account (IRA) through their employer will receive a yearly federal matching contribution of up to $1,000 each, the president noted.
That designation applies to individuals making less than $35,500 annually, heads of household making $53,250 per year, or couples making $71,000 each year jointly.
“This will be really revolutionary because they’ll be covered,” Trump said in the Oval Office.
“Nobody thought that was possible. For example, if a 25-year-old who is eligible for a Saver’s Match program invests just $165 a month under the matching federal contributions, they will have an estimated $465,000 in their account by the time they’re 65 years old,” he added.
“In other words, they’ll be rich. And there’s something awfully nice about that.”
About 56 million Americans lack access to an employer-sponsored retirement plan at work, according to Pew Research.
Those include gig workers such as Uber drivers, those who are self-employed in the trades as well as freelance and contract workers.
Small-business owners — such as those that run bodegas in the Big Apple — could also benefit.
At least 27 million are already eligible for the retirement plans — but not yet enrolled through a 2022 law that started the Saver’s Match program, allowing for the matching contributions.
A report from the Joint Committee on Taxation in Congress previously projected the Saver’s Match will spend roughly $9.3 billion on those enrolled from 2027 to 2032.
The US Treasury Department will launch the website TrumpIRA.gov on Jan. 1, 2027, to begin fielding applications.
An earlier effort under former President Barack Obama, myRA, was eliminated by the 45th president in 2017.
The initiative comes as Trump touts his administration’s efforts to improve economic outcomes ahead of the 2026 midterms.
The Treasury is expected to start a messaging campaign in anticipation of the website launch in 2027.
Earlier this year, the Treasury launched a Trump Accounts initiative with billions of dollars in seed money from donors to provide kids born between Jan. 1, 2025, and Dec. 31, 2028, with tax-advantaged savings accounts.
Each child born in that window got a $1,000 starting sum, but others will be allowed to open their own accounts outside that window.
Trump’s executive order directs the Treasury to “list financial institutions that offer IRAs” and that will accept the Federal Saver’s Match contribution on its TrumpIRA.gov website.
The order also includes provisions easing access for tax-exempt groups.
There’s also a recommendation for Congress to pass laws codifying the policy.