A new Trump order aims to give more people access retirement savings plans

Key Points:

• President Donald Trump will sign an executive order to create a government website, TrumpIRA.gov, to help Americans compare private-sector retirement savings accounts, targeting those without employer-offered plans.
• The initiative aims to facilitate access to the Saver’s Match, a new federal program starting in 2023 that matches retirement contributions up to $1,000 for low- and middle-income workers earning under $35,000 annually.
• The Saver’s Match, enacted under President Joe Biden’s 2022 legislation, provides up to $1,000 for single filers and $2,000 for married couples filing jointly, with smaller matches for those earning less than $46,000.
• Trump’s order does not create a new government retirement plan but connects workers to existing private plans, addressing the retirement savings gap for roughly 50 million Americans lacking employer-sponsored options.
• The plan was first mentioned by Trump in his February State of the Union address, highlighting the disparity in access to employer-based retirement plans and pledging support for workers who build the country.