President Donald Trump signed an executive order Thursday designed to help tens of millions of Americans who lack access to a workplace retirement plan start saving for their future.
However, while the effort could theoretically help savers tap into a government matching program that could add a free $1,000 to their efforts, the “TrumpIRA” program would represent a significant pullback from the sweeping vision the president laid out earlier this year.
The order directs the Treasury Department to launch an online marketplace at TrumpIRA.gov, where workers without employer-sponsored retirement plans can browse and enroll in privately run individual retirement accounts. The Treasury will also conduct a public awareness campaign around the Saver’s Match, a federal benefit established by 2022 legislation that will match up to $1,000 annually in retirement contributions for lower-income workers. The match, which will replace the Saver’s Credit, is scheduled to take effect in January 2027.
The problem the order is trying to address is clear: Depending on the study, anywhere between 54 million and 56 million American workers (a little more than 40% of the nation’s full-time private-sector workforce) has no access to a workplace retirement plan. Of those, an estimated 26 to 27 million qualify for the Saver’s Credit—and would qualify for the Saver’s Match—but currently have no account through which to collect it.
A Retreat From Earlier Ambitions
The executive order, which was first reported by Semafor, is notably more modest than what Trump proposed during his State of the Union address in February. At that time, he pledged to give Americans without workplace plans access to the same retirement benefits enjoyed by federal employees. That’s a reference to Thrift Savings Plans (TSPs), which offer participants a government contribution match and access to very low-cost index funds.
Expanding TSP access to private-sector workers would almost certainly require Congressional legislation. And despite early suggestions from Treasury Secretary Scott Bessent that the idea could move through the budget reconciliation process, no bill has advanced.
Also absent from Thursday’s order is any revival of myRA, the IRA-like savings program launched under President Obama. That program, which limited participants to investing in Treasury savings bonds, was shut down during Trump’s first term after generating very little demand.
Instead, the administration opted for a lighter-touch approach that leans on the private sector. Rather than creating or managing retirement accounts directly, Treasury will vet and list existing private-sector plans on TrumpIRA.gov, allowing workers to compare options and sign up on their own. Workers will be able to filter plans based on factors like cost, minimum contribution requirements, and minimum balance thresholds.
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How the Saver’s Match Works
The Saver’s Match sits at the heart of the new retirement push. Under the program, certain taxpayers are eligible for a government match equal to up to 50% of up to $2,000 in annual retirement contributions, for a maximum benefit of $1,000. Eligibility is determined by modified gross adjusted income (MAGI). In 2027, the thresholds for those eligible for a full match will be:
- Up to $41,000 for married couples filing jointly and surviving spouses
- Up to $20,500 for single filers and married couples filing separately
- Up to $30,750 for head-of-household filers
The credit/match will be gradually phased out if your adjusted gross income is within the following range for your filing status:
- $41,000 to $71,000 for married couples filing jointly and surviving spouses
- $20,500 to $35,500 for single filers and married couples filing separately
- $30,750 to $53,250 for head-of-household filers
The executive order also instructs Treasury and the National Economic Council to develop legislative recommendations for expanding the program, potentially including automatic enrollment of workers in private-sector IRAs and a broader pool of workers eligible for the Saver’s Match. The latter would require additional federal funding, however, and is likely to face scrutiny in Congress.
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Echoes of Trump Accounts
The White House appears to be hoping the new retirement initiative can build on the momentum generated by Trump Accounts, the children’s savings vehicles created by last year’s major tax and spending legislation.
By early April, Treasury reported that 5 million children had already been enrolled in those accounts, which carry a $1,000 government seed contribution for eligible children born between 2025 and 2028. Private-sector companies have pledged additional contributions to Trump Accounts, and officials say similar interest from donors has already emerged around the new retirement effort for adult workers.
Thursday’s order also includes guidance on how private-sector donors can contribute to workers’ IRAs through the new program—a feature officials hope will add a philanthropic dimension to the savings push.
