Key insights
- The Trump administration is launching TrumpIRA.gov, a marketplace for low-cost IRAs with matching contributions for workers without employer-sponsored retirement plans. While potentially expanding retirement coverage, the lack of auto-enrollment may limit uptake. The initiative leverages the existing Saver's Match program, offering up to $1,000 in matching contributions starting in 2027. The long-term impact on market liquidity and investment patterns is mildly positive.
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President Donald Trump directed the Treasury to launch TrumpIRA.gov, a marketplace where workers without employer-sponsored retirement plans can shop for low-cost individual retirement accounts.
The site, set to launch Jan. 1, is part of a proposal Trump offered in his February State of the Union address. Private firms would manage the IRAs, which would come with up to $1,000 in matching contributions.
"For millions of Americans who lack employer-sponsored plans, this will really be revolutionary," Trump said Thursday as he signed the executive order covering the program.
More than 4 in 10 American workers have no retirement plan at work. TrumpIRA.gov and the Saver's Match aim to narrow that gap.
The Treasury Department will screen IRAs on the site for cost, investment options, minimum contribution, and balance requirements, Trump said. The new policy will be modeled after the Thrift Savings Plan—a type of retirement plan available to federal workers.
Just half of private industry workers participate in defined contribution plans, according to March 2025 data from the Bureau of Labor Statistics.
"Getting 56 million workers into an account with a real federal match is the largest potential expansion of retirement coverage since Social Security," said Teresa Ghilarducci, an economist and director of the Wealth Equity Lab at The New School for Social Research, in a press release.
The accounts won't auto-enroll workers, which could limit uptake, said Emerson Sprick, director of retirement and labor policy at the Bipartisan Policy Center.
"The gold standard for retirement savings is an employer-sponsored plan," Sprick said. "Those plans can leverage automatic enrollment and have advantages over IRAs."
The order draws on an existing benefit: the federal government's "Saver's Match."
Starting in 2027, lower-income workers will be eligible for up to a $1,000 matching contribution to their retirement accounts. The benefit was created under Secure 2.0, federal legislation passed in 2022.
At the signing, the administration signaled the order was a first step, with further changes requiring congressional action. A bipartisan group of senators last year reintroduced the Retirement Savings for Americans Act, previously introduced in 2023, which could codify how uncovered workers would access retirement plans. That bill has stalled.
Kevin Hassett, director of the National Economic Council, said the administration wants to extend the Saver's Match beyond lower-income workers. "We're working with Congress to significantly expand this program and are looking forward to legislation this year," he said.
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