Trump Launches TrumpIRA.gov to Unlock Retirement Savings for 54 Million Workers

President Donald Trump signed the executive order on Thursday in the Oval Office, targeting the 54 million Americans—many low- and moderate-income workers—lacking access to employer-sponsored retirement plans like 401(k)s, according to the Economic Innovation Group (EIG).[2][1] The order directs the Treasury Department to build TrumpIRA.gov by January 1, 2027, a platform where users can compare and enroll in high-quality, low-cost individual retirement accounts (IRAs) vetted by Treasury and patterned after the Thrift Savings Plan for over 6 million federal employees.[3][2][4] Trump highlighted the site's simplicity during the signing, stating, "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."[1][4][5] The portal will emphasize options for independent contractors, self-employed individuals, and others without workplace plans, allowing filtering by cost, quality, and investments to ensure informed choices.[3][6] EIG, which proposed the idea in 2021 and collaborated with the White House, hailed it as "a huge step forward," with co-founder John Lettieri noting the low-income workforce as a "huge uncaptured market."[2] A key feature ties into the Federal Saver’s Match program, authorized by 2022 legislation and kicking in next year: eligible lower- and middle-income workers—those earning under $35,000 in some cases—can receive up to $1,000 annually in matching federal contributions for qualifying IRA deposits.[3][4] The White House projects transformative impact; a 25-year-old saving $165 monthly with the full match at 6% return could amass $465,000 by 65, including $155,000 from matches.[3][4] Treasury must also clarify tax rules for charitable contributions to these IRAs and draft legislation to make the framework permanent.[3] The move drew bipartisan nods and Wall Street praise, with investment firms issuing supportive statements Thursday.[2] It builds on Trump's February State of the Union tease of broader retirement access.[1][5] Yet critics, including advocates, argue automatic enrollment and higher matches—requiring congressional action—would better serve workers.[2] Treasury will publicize the program and guide private-sector donations, echoing efforts like seeding Trump Accounts for children.[4]