A sweeping change to how Americans can save for retirement is now underway after President Donald Trump signed an executive order aimed at expanding access to retirement savings accounts for millions of workers.
According to the New York Post, the move targets a long-standing gap in the system: tens of millions of Americans who do not have access to employer-sponsored retirement plans like 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,” Trump said during a signing ceremony in the Oval Office.
Under the plan, lower-income workers who lack workplace retirement options will be eligible for a federal matching contribution of up to $1,000 annually.
Eligibility is based on income thresholds. Individuals earning less than $35,500 per year, heads of household making $53,250, and couples earning $71,000 jointly qualify for the match.
“This will be really revolutionary because they’ll be covered,” Trump said.
“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,” he added.
“In other words, they’ll be rich. And there’s something awfully nice about that.”
According to Pew Research, roughly 56 million people do not have access to an employer-sponsored retirement plan.
That group includes gig workers, such as rideshare drivers, as well as freelancers, contractors, and self-employed individuals. Small-business owners are also among those who could benefit.
While an estimated 27 million Americans are already eligible for similar benefits under an earlier law that created the Saver’s Match program, many have not yet enrolled.
A prior estimate from Congress’s Joint Committee on Taxation projected that the Saver’s Match could cost about $9.3 billion between 2027 and 2032.
The Treasury Department is expected to roll out a dedicated website, TrumpIRA.gov, on Jan. 1, 2027, where Americans can begin applying for the program.
Officials are also planning a broader outreach campaign ahead of the launch.
The effort follows a previous government-backed retirement initiative, myRA, introduced during the Obama administration, which was discontinued only three years later due to low participation and financial ineffectiveness.
Unlike some other savings programs, the new proposal is expected to be run entirely by the federal government rather than through partnerships with private financial institutions.
