Who is eligible for Trump's new order expanding retirement benefits?

A new executive order signed by President Trump on Thursday expands retirement benefits for employees without employer-provided benefits through the upcoming launch of TrumpIRA.gov.

Eligible workers will be able to enroll in private-sector retirement plans called Individual Retirement Accounts, or IRAs, when the Treasury Department launches the website on Jan. 1, 2027.

Trump’s order coincides with the launch of Saver’s Match, which offers up to $1,000 a year in matching retirement contributions for lower-income workers.

Preliminary estimates by a Pew analysis in April 2024 determined that 22 million Americans can benefit from the Saver’s Match, with a maximum match of $1,000 per person and $2,000 per married couple filing jointly. Joint filers who earn $41,000 or less will qualify for the maximum match rate of 50 percent.

Single tax filers must earn less than $35,500, and the cap on joint filers is $71,000, in order to qualify for a full or partial match, according to Retirement Clearinghouse.

The Saver’s Match program is intended to benefit younger workers, women and minority workers who make a low income. Retirement Clearinghouse and Boston Research Technologies found in April 2024 that Black and Hispanic savers will make up the larger portion of those expected to receive federal matching contributions through the program.

“Eligible Black and Hispanic savers who receive matching contributions will tend to be younger and will have lower incomes and retirement savings account balances than their White counterparts,” Retirement Clearinghouse stated about the survey’s findings.

AARP stated Thursday that there are 56 million workers who lack access to retirement plans, which include pensions and 401(k)s, through their employers. This includes contractors, self-employed workers, small business employees and part-time employees.

The White House released a fact sheet Thursday that also detailed the specific workers it seeks to connect with the expanded retirement accounts.

“President Trump wants to give American workers – particularly independent contractors, part-time workers, small business employees, and self-employed individuals – more investment options in order to attain stronger and more financially secure retirement outcomes,” the fact sheet reads.

Trump said Thursday that his administration will work with lawmakers on Capitol Hill to expand the match and make more workers eligible to sign up, The Wall Street Journal reported.

Twenty states have already adopted an “auto-IRA” program for their low income workers, with more than 1 million Americans enrolled, according to AARP. A Morningstar report found that another 32 million workers would enter the retirement savings system if the federal government approves an auto-IRA program.