President Trump signed an executive order to expand access to retirement savings accounts, specifically offering accounts to independent contractors, self-employed individuals, and part-time workers.
“Tens of millions of Americans lack access to employer-sponsored retirement plans. Workers in small businesses, part-time workers, independent contractors, and self‑employed workers face unnecessary barriers to saving for retirement,” the order reads. “My Administration intends to give these often-left-out American workers access to the same type of retirement-savings opportunities offered to every Federal worker and to establish an easy and transparent way for eligible workers to obtain up to a $1,000 match for their savings. Hard-working Americans deserve retirement security in portable savings vehicles that offer access to low-cost investments similar to those offered to Federal workers in the Thrift Savings Plan.”
“It is the policy of the United States to promote high-quality, low-cost individual retirement accounts (IRAs) offered by private-sector financial institutions that meet objective standards of cost, transparency, and fiduciary responsibility,” it states.
The order directs the Treasury to establish a website, called TrumpIRA.gov, by January 1, 2027, to provide individuals with “information about high-quality, low-cost IRAs.” Individuals who contribute to the qualifying IRAS will receive a “Federal Saver’s Match contribution of up to $1,000 pursuant to 26 U.S.C. 6433.”
Upon signing the order, Trump said, “Beginning at the start of next year, every American will be able to go to TrumpIra.gov and open a new low-cost IRA account.”
“You’ll then be able to access the same type of retirement accounts that federal employees enjoy through the Thrift Savings Plans, which are incredible,” he said from the Oval Office. “As part of the Federal Savings Match program, low-income Americans will be eligible to receive up to $1,000 per year in matching funds deposited directly into their accounts.”
“A great thing for millions of Americans who lack employer-sponsored plans, this will be really revolutionary because they’ll be covered,” he continued. “Nobody thought that was possible. For example, if a 25-year-old who is eligible for a Savers Match program invest 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. In other words, they’ll be rich. And there’s something awfully nice about that.”
