Trump signs order to expand access to retirement savings plans in US

US President Donald Trump on Thursday signed an executive order to create a government website allowing Americans to compare private retirement savings plans.

The order aims to expand access to retirement plans ahead of next year, when the federal government will begin matching contributions made by lower-income workers.

The new matching contribution, known as the Saver’s Match, stems from 2022 legislation under Joe Biden and will take effect in January, offering up to $1,000 to workers earning under $35,000 annually.

Trump’s order aims to extend the benefit to about 50 million workers without employer-sponsored plans, directing the Treasury Department to launch TrumpIRA.gov to help users compare private retirement options.

“For millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they’ll be covered,” Trump said at an Oval Office signing ceremony.