Trump signs executive order expanding access to retirement accounts
NBC News • • nation
Key Points:
- President Donald Trump signed an executive order to create a government website, TrumpIRA.gov, enabling Americans to find and compare private-sector retirement savings accounts, targeting those without employer-sponsored plans.
- The initiative aims to facilitate access to the Saver’s Match program starting next year, which offers federal matching contributions up to $1,000 for lower-income workers earning less than $35,000 annually.
- The Saver’s Match, established under 2022 legislation by President Biden, provides matches on contributions to 401(k)s, IRAs, and Roth IRAs, with a maximum of $1,000 for singles and $2,000 for married couples filing jointly.
- Trump emphasized expanding access to retirement plans for roughly 50 million Americans lacking employer options and expressed intent to work with Congress to increase income eligibility for the Saver’s Match beyond $35,000.
- White House Economic Council Director Kevin Hassett highlighted efforts to broaden the program to include middle-income earners who also often lack employer retirement benefits.
