New TrumpIRA site offers $1,000 retirement match. Who is eligible?

President Donald Trump signed an executive order April 30 that will broaden access to retirement savings for workers whose employers don’t offer 401(k)-type plans. 

The order creates a new website, TrumpIRA.gov, that workers can use to enroll in a private-sector retirement plan. It calls for the site to be active by Jan. 1, 2027. 

"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," Trump said in an afternoon signing ceremony at the White House.

"You'll then be able to access the same type of retirement accounts that federal employees enjoy," he said. White House officials say the accounts are akin to the Thrift Savings Plan already offered to federal employees.

Trump’s order coincides with the coming 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 is tailored to boost the share of American workers who are saving for retirement.  

Millions of people 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 by using tax breaks as a lure. 

The effort has been only partly successful: About half of all private-sector employees, 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.” 

At the White House signing ceremony, Trump noted his reference to the new plan in that address.

"It only seemed fair," Trump said. "Promises made, as I say. Promises kept."

Trump said he will be asking Congress to expand the retirement accounts to cover people with incomes above $35,500 a year, the cap on his executive order.

Access to tax-favored retirement plans is widening as more states introduce “automated savings” programs, prodding companies to offer retirement plans and enrolling employees automatically. Starting in 2025, most new 401(k) plans had to automatically enroll employees 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 order, workers can use TrumpIRA.gov "to filter and select IRAs based on their cost and quality," drawing from a list of private plan administrators that offer low administrative costs and do not impose minimum contribution or balance requirements. The site will not be limited to employees who qualify for the Saver's Match.

The initiative drew praise from the AARP, the advocacy group for older Americans.

"Americans are 15 times more likely to save for retirement when they have access to a workplace savings plan, but roughly half of all private-sector workers currently lack access to one," said Bill Sweeney, AARP senior vice president of government affairs. "The bipartisan efforts from leaders in Congress and this administration, through today's executive order and the implementation of the Saver's Match program, will make real progress in expanding access to retirement accounts."

Trump said he would call on Congress to work on expanding the TrumpIRA initiative over time, eventually broadening access to the Saver’s Match to include employees who earn more than the $35,500 limit.

"We think there are a lot of people who make more than that who don't have any assets for retirement," said Kevin Hassett, a top White House economic adviser.

The Trump administration is reportedly considering broadening the program to automatically enroll employees who aren't covered by workplace retirement plans.

Twenty states have already adopted "auto-IRA" programs, according to the AARP, as a safety net for employees who lack access to retirement savings. The state programs offer retirement savings to those workers with automatic enrollment. Workers can choose to opt out.

If the federal government adopted an auto-IRA program, another 32 million employees would join the retirement savings system, according to estimates in a new report from Morningstar.

The initiative comes at a significant cost. Funding the Saver's Match would diminish federal revenue by $9.3 billion from 2028 to 2032, according to the libertarian Cato Institute, citing data from the federal Joint Committee on Taxation. Automatic enrollment could push the cost over $20 billion.

"Policymakers are layering new spending commitments, with uncertain benefits for lower-income households, on top of a system already facing a $28 trillion shortfall," said Romina Boccia, director of budget and entitlement policy at Cato.

Contributing: Swapna Venugopal Ramaswamy and Francesca Chambers