President Donald Trump signed an executive order on Thursday to establish a platform for Americans to compare Individual Retirement Account (IRA) plans for workers without a work-sponsored plan, and an up to $1,000 annual federal matching contribution program based on income.
The order fulfills Trump’s proposal from his State of the Union address in February.
Under the order, Secretary of the Treasury Scott Bessent is directed to establish TrumpIRA.gov, where Americans who do not have an employee-sponsored plan can access and compare plans available from financial institutions in the private sector, according to the White House.
“TrumpIRA.gov, which will be operational by January 1, 2027, will allow workers to filter and compare IRAs based on cost, quality, and investment options, ensuring that hard-working Americans can make informed retirement savings decisions at low cost,” a White House fact sheet noted.
It also implements the “Federal Saver’s Match program.”
“Under the Federal Saver’s Match program, the Federal government will contribute up to $1,000 per year to eligible lower- and middle-income workers who contribute to qualifying retirement accounts,” per the fact sheet.
Trump said he was “thrilled to sign” the order in the Oval Office on Thursday.
“In my State of the Union earlier this year, I promised to make the same types of retirement accounts enjoyed by the federal employees available to all Americans. So that’s what we’re doing. It only seemed fair,” he said.
“It’s… really a tremendous situation for all Americans… Promises made, as I say, promises kept,” the president added.
Trump called the Federal Saver’s Match program “revolutionary.”
“For millions of Americans who lack employer-sponsored plans, this will be really revolutionary because they’ll be covered. Nobody thought that was possible,” he said.
“For example, if a 25-year-old who is eligible for 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.
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