On Thursday, President Trump signed an executive order designed to help millions of American workers start saving for retirement by enrolling in retirement accounts.
The order also instructs the Treasury Department to launch the Federal Saver’s Match program, which aims to enhance savings in Individual Retirement Accounts (IRAs).
Here’s what you need to know about these new accounts and the substantial federal matching funds available:
Who is eligible?
Starting in January 2027, Americans will be able to visit TrumpIRA.gov, a new website where they can explore and sign up for “high-quality, low-cost” IRA plans provided by private financial institutions.
The White House has stated that these plans are specifically designed for American workers without access to employer-sponsored retirement plans. This includes independent contractors, part-time employees, small business workers, and those who are self-employed.
Currently, approximately 41 million Americans aged 18 to 65 do not have employer-provided retirement plans available to them.
How much will the government match?
Individuals with a Modified Adjusted Gross Income (MAGI) of $20,500 or less will be eligible for federal match of up to $1,000, which is 50% on the first $2,000 in annual contributions to a workplace retirement plan or IRA, based on their 2027 tax returns.
Those who earn up to $15,000 more than this threshold will qualify for a reduced match.
For joint filers, the income limit is between $41,000-$71,000, and the maximum federal matching available is $2,000.
What other matching is available?
Similar to the presidentâs Trump accounts for children, the administration is allowing and encouraging private philanthropists to contribute to retirement plans made available on TrumpIRA.gov.
The executive order directs treasury and the IRS to issue guidance clarifying the tax treatment of contributions made by philanthropic and charitable tax-exempt organizations to IRAs on behalf of eligible workers.
Do you need a Trump IRA to get the match?
Not necessarily. Individuals and joint-filers who contribute to qualifying IRAs, and who are otherwise eligible, are entitled to a Federal Saverâs Match contribution of up to $1,000 or $2,000 for couples.
However, TrumpIRA.gov will list financial institutions that offer IRAs able to accept the Federal Saverâs Match contribution.
