President Trump has issued an executive order aimed at extending retirement savings opportunities to millions of Americans who currently lack access to employer-sponsored plans such as 401(k)s.

“I promised to make the same types of retirement accounts enjoyed by federal employees available to all Americans, and that’s what we’re doing. It only seemed fair,” he said during the signing ceremony in the Oval Office.

As part of the initiative, workers without access to an employer-provided individual retirement account (IRA) will qualify for a federal matching contribution of up to $1,000 annually, according to the president.

The eligibility thresholds for the program include individuals earning under $35,500 per year, heads of household earning up to $53,250, and married couples with a combined annual income of up to $71,000.

“This will be really revolutionary because they’ll be covered,” Trump said in the Oval Office.

“Nobody thought that was possible. For example, if a 25-year-old who is eligible for a 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.

“In other words, they’ll be rich. And there’s something awfully nice about that.”

Roughly 56 million Americans do not have access to workplace retirement plans, according to data from Pew Research.

That group includes gig economy workers such as Uber drivers, self-employed tradespeople, and individuals working freelance or contract jobs.

Small-business operators, including neighborhood shop owners, are also expected to benefit from the expanded access.

An estimated 27 million individuals already qualify for participation under a 2022 law that introduced the Saver’s Match program, though many have not yet enrolled.

The Joint Committee on Taxation previously estimated that the Saver’s Match initiative would cost approximately $9.3 billion between 2027 and 2032.

The Treasury Department plans to roll out a dedicated website, TrumpIRA.gov, on January 1, 2027, which will serve as the platform for applications.

A prior federal savings initiative, myRA, introduced during the Obama administration, was discontinued in 2017.

The rollout of the new retirement program comes as Trump highlights economic policies ahead of the 2026 midterm elections.

Treasury officials are expected to begin a public awareness campaign leading up to the 2027 launch of the program.

Earlier this year, the department also introduced the Trump Accounts initiative, funded with billions in private contributions, to establish tax-advantaged savings accounts for children born between January 1, 2025, and December 31, 2028.

Each qualifying child receives an initial $1,000 deposit, while individuals outside that timeframe will still have the option to open accounts independently.

Under the executive order, the Treasury is tasked with compiling and publishing a list of financial institutions that offer IRAs and accept the federal Saver’s Match contribution through the TrumpIRA.gov platform.

The directive also includes measures designed to simplify participation for tax-exempt organizations.

In addition, lawmakers are being urged to pass legislation that would formally enshrine the policy into law.

{Matzav.com}