April 30, 2026, 10:23 a.m. ET
President Donald Trump is expected to sign an executive order on April 30 that would broaden access to retirement savings for workers whose employers don’t offer 401(k)-type plans, White House officials said.
The order would create a new website, TrumpIRA.gov, that workers could use to enroll in a private-sector retirement plan.
Trump’s order will coincide with the launch of the Saver’s Match, a 2022 initiative of the Biden administration that delivers up to $1,000 a year in matching retirement contributions for lower-income workers.
The TrumpIRA plan, first reported by Semafor, could boost the share of American workers saving for retirement.
Millions of workers lack workplace retirement savings
Roughly two-fifths of full-time workers – and four-fifths of part-time workers – lack access to retirement savings through their employers, according to the Economic Innovation Group.
Over the past half century, the federal government has been trying to persuade Americans to build savings to cover their retirement, and to supplement Social Security, using tax breaks as a lure.
The effort is only partly successful: About half of all private-sector workers, overall, now participate in 401(k) plans.
Trump telegraphed his plans to boost retirement savings in his 2026 State of the Union address.
“We have millions and millions of people – because the stock market has done so well, setting all those records – your 401(k)s are way up,” he said. “Yet, half of all of working Americans still do not have access to a retirement plan with matching contributions from an employer.
“To remedy this gross disparity, I’m announcing that next year, my administration will give these often-forgotten American workers – great people; the people that built our country – access to the same type of retirement plan offered to every federal worker.”
Access to tax-favored retirement plans is widening as more states introduce “automated savings” programs, prodding companies to offer retirement plans and enrolling workers automatically. Starting in 2025, most new 401(k) plans had to automatically enroll workers, rather than leave the decision to them.
Retirement savings is a rare bipartisan area of federal policy, as evidenced by the Trump administration piggybacking on a Biden-era initiative.
How will the TrumpIRA plan work?
Under the Saver’s Match, starting in January 2027, nearly 22 million lower-income employees who contribute to a retirement savings account become eligible for matching funds from the government. The maximum match is $1,000 per person, according to a Pew analysis.
To qualify for the Saver’s Match, a single tax filer must earn less than $35,500. The cap for joint filers is $71,000. The maximum match rate is 50% of an employee’s contribution.
The Saver’s Match replaces the current Saver’s Credit, a nonrefundable tax credit for lower-income taxpayers. The big difference: The Saver’s Credit only reduces the tax you owe. The Saver’s Match puts dollars into your retirement account.
Under Trump’s forthcoming executive order, workers could leverage the TrumpIRA.gov site “to filter private-sector retirement plans by factors like cost, minimum contribution, and minimum balance,” Semafor reported. (The site did not appear to be active yet on the morning of April 30.)
According to Semafor, the executive order will call for federal agencies to work on expanding the TrumpIRA initiative over time, either by enrolling workers automatically or by broadening access to the Saver’s Match.
Contributing: Swapna Venugopal Ramaswamy