Washington, D.C. — President Donald Trump signed an executive order expanding access to retirement savings options for millions of Americans who lack employer-sponsored plans like 401(k)s.
The order directs the Treasury Department to create a federal web portal, TrumpIRA.gov, where workers can compare and enroll in retirement accounts starting next year. The plans will be modeled after the federal government’s Thrift Savings Plan, known for offering low-cost index fund options to more than six million employees.
The move targets an estimated 54 million Americans who currently do not have access to workplace retirement plans, according to data cited by policy groups involved in shaping the proposal. The initiative builds on a Biden-era law that introduced limited matching contributions for low-income savers, signaling some bipartisan continuity on retirement policy.
Supporters say the plan could significantly expand participation in retirement savings, particularly among lower-income workers. Financial firms also welcomed the move, noting the potential to reach a large, underserved market.
However, some advocates argue the policy stops short of addressing deeper barriers, such as the need for larger government matching contributions or automatic enrollment, which would require congressional action.
The order reflects a broader effort to increase financial security while relying on a public-private framework to expand access to investment options.
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