WASHINGTON — President Donald Trump plans to sign an executive order Thursday establishing a federal website designed to help American workers locate and evaluate private retirement savings options, targeting millions of employees whose companies don’t provide such benefits.
The directive seeks to expand access to retirement accounts ahead of next year’s launch of a federal matching program for low- and middle-income earners, a White House official confirmed while requesting anonymity before the formal announcement.
The matching benefit, called the Saver’s Match, stems from 2022 legislation enacted during Democratic President Joe Biden’s administration. Beginning in January, the program will provide matching funds up to $1,000 annually for employees earning under $35,000.
Trump’s directive targets approximately 50 million Americans lacking employer-sponsored retirement benefits. The Republican president will instruct the Treasury Department to create TrumpIRA.gov, a platform where employees can evaluate private-sector retirement options.
The initiative doesn’t establish a new federal retirement program but instead connects workers with existing private company plans.
News outlet Semafor initially disclosed details of the executive order.
During his February State of the Union speech, Trump addressed this concept, highlighting that roughly half of Americans lack access to workplace retirement plans with employer matching.
“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,” Trump stated.
The Saver’s Match initiative will provide maximum matching benefits of $1,000 for individual tax filers and $2,000 for married couples filing together. Reduced matching amounts will be available for single filers earning below $46,000 annually. The program covers contributions to 401(k) accounts, traditional IRAs, and Roth IRAs.
