Trump Opens Retirement Savings to 56 Million Left-Behind Workers

President Donald Trump signed an executive order Thursday aimed at addressing a persistent gap in American retirement security: the tens of millions of workers whose employers don't provide retirement plans. The order directs the Treasury Department to launch TrumpIRA.gov by January 2027, an online marketplace where workers without employer-sponsored plans can select from vetted, low-cost investment options modeled after the Thrift Savings Plan available to federal employees.[1][2] The timing capitalizes on the Saver's Match provision of the SECURE 2.0 Act, legislation passed by Congress in 2022 that takes effect in January 2027. Under this program, workers making less than $35,500 individually or $71,000 as a couple can claim up to $1,000 in annual federal matching contributions on their retirement savings—a 50% match on up to $2,000 in contributions.[1][2] The White House estimates the new policy will make 56 million workers eligible, primarily independent contractors, self-employed individuals, part-time workers, and employees at small businesses.[1] The executive order directs Treasury to vet retirement plans offered through the website, filtering options by factors including cost, minimum contribution amounts, and minimum balance requirements.[2] Unlike some state-mandated auto-IRA programs in California and Illinois, the federal marketplace will not interfere with existing state retirement initiatives, allowing both systems to operate in parallel.[1] Trump framed the effort as transformative, telling supporters the program would enable Americans to access retirement accounts "similar to those offered to federal workers," calling the move "really revolutionary."[3] Beyond the immediate marketplace launch, the order tasks Treasury and the National Economic Council with drafting legislative recommendations to expand the concept further. These recommendations could include automatic enrollment of workers in private-sector IRAs and expanded eligibility for the Saver's Match—changes that would require significant additional federal funding.[2] The administration also plans to launch an awareness campaign and issue guidance encouraging philanthropic donors to contribute directly to workers' IRAs, amplifying the federal match through private charitable giving.[1] The executive order addresses what policy experts have long identified as a critical retirement security challenge. Millions of American workers—particularly those in gig economy jobs, part-time positions, or small-business employment—lack access to workplace retirement plans, leaving them without tax-advantaged savings vehicles or employer matching contributions. By establishing a straightforward online enrollment process and linking it to federal matching funds, the administration aims to reduce barriers that have historically excluded lower-income workers from retirement savings programs. Treasury must complete the website infrastructure and launch the awareness campaign by January 1, 2027, when the federal Saver's Match becomes available. The order represents one of the administration's most direct interventions in retirement security policy, leveraging existing congressional legislation while using executive authority to create the infrastructure that lawmakers did not fully establish when passing SECURE 2.0.