The order directs the Treasury Department to create an online marketplace for retirement plans called TrumpIRA.gov. This platform will facilitate access to various retirement options, including 401(k) plans and IRAs.

Key features of the Saver’s Match program:

• The program will offer a maximum match of $1,000 for single filers and $2,000 for married couples filing jointly.
• Single filers earning less than $20,500 will qualify for the maximum match, while those earning up to $35,500 will receive smaller matches.
• Approximately 50 million people who lack employer-sponsored retirement plans are expected to benefit from this initiative.

Trump stated, “For millions of Americans who lack employer-sponsored plans, this will be really revolutionary, because they’ll be covered.” His administration intends to collaborate with Congress to expand eligibility for the Saver’s Match beyond the current income limits.

The Saver’s Match program will be available starting next year for low- and moderate-income workers making less than $35,500. Additionally, IRA providers listed on TrumpIRA.gov must keep administrative costs below 0.15% of account balances.

Kevin Hassett, an economic advisor, remarked, “We’re working with Congress to significantly expand this program and are looking forward to legislation this year.” This expansion may help address the retirement coverage gap faced by many Americans.

Kim Olson noted that last year, 87% of people without access to a retirement plan indicated they would save more if they could receive a match. This suggests significant potential uptake in retirement savings if the program is successful.

Officials estimate that around 32.3 million workers could enter the retirement savings system under a federal auto-enrollment plan. This could further enhance participation in retirement savings across various demographics.

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