Retirement Retirement Planning

New Trump Executive Order Could Change Retirement Savings for 56 Million Americans

Millions of Americans might soon have access to low-cost IRA accounts.

By Paige Cerulli , Edited by Laura Hohenstein

Updated May 5, 2026

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For many Americans, employer-sponsored IRAs and 401(k)s are a key retirement plan element. But according to 2025 Pew Charitable Trust research, approximately 56 million Americans don't have access to an employer-sponsored retirement plan, making saving for retirement more challenging.

On April 30, President Trump signed an executive order designed to help close that retirement coverage gap. Read on to learn how this order might help you access retirement benefits.

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Why Americans lack employer-sponsored retirement

Millions of workers don't have access to employer-sponsored retirement tools, such as pensions and 401(k)s. Those workers include contractors, self-employed individuals, small business employees, and part-time employees who aren't eligible for employer-sponsored plans.

Those employer-sponsored plans are valuable tools in building financial security, and limited access to retirement savings accounts may put workers at a financial disadvantage. According to AARP research, Americans are 15 times more likely to save for retirement if they have access to an employer-sponsored retirement plan than if they lack access to such a plan.

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The TrumpIRA.gov site

The executive order directs the Treasury to develop TrumpIRA.gov. The website, a Federal platform, is intended to help connect workers who don't have employer-sponsored retirement account access with IRAs that they can choose. The site is designed to allow workers to compare IRAs based on factors like their cost, quality, and investment options. Workers may use the site to explore and then enroll in private-sector IRA accounts.

The site is scheduled to be operational by January 1, 2027.

The Saver's Match for eligible workers

The order also integrates with the Saver's Match, a provision signed into law by Joe Biden in 2022; it goes into effect in 2027. Under Saver's Match rules, certain workers may qualify for a government match to their qualified retirement account, which may help boost their retirement savings.

To qualify, single tax filers must earn less than $35,500, while joint filers must earn less than $71,000. The program has a maximum match of $1,000 per person, per year, and $2,000 per married couple filing jointly, per year.

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Who might benefit from the Saver's Match

An April 2024 Pew analysis identified that approximately 22 million Americans might benefit from the Saver's Match program. In particular, the program may support lower-income younger workers, women workers, and minority workers. These workers also have lower retirement savings than workers who have higher incomes, so the match might help build up those retirement savings.

The Wall Street Journal reported that Trump said that his administration will work with lawmakers to expand the match program, expanding eligibility so that additional workers can sign up for the program.

Additional retirement support available for workers

In addition to the provisions that the executive order may create, 20 states have adopted auto-IRA programs to support workers, including small business employees, who are less likely to have access to employer-sponsored retirement plans. Auto-IRA plans don't charge fees to employers, and they're designed to give employers and employees a simple and easy way to save for retirement.

Support for the executive order

The executive order has received support from industry experts. In a statement, SHRM, the Society for Human Resource Management, a thought leader on evolving workplaces, explained that the executive order is an opportunity to begin to address barriers to retirement savings opportunities.

Jere El-Bakri, chief retirement officer at Vensure Employer Solutions, called the order a "positive step." El-Bakri noted that the order might significantly increase participation in IRAs.

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How much Americans need to save for retirement

According to Northwestern Mutual's 2026 Planning and Progress study, Americans now believe they will need an average of $1.46 million to retire comfortably. The new data reflects a 15% increase from the $1.26 million that Americans reported they would need in 2025. Factors like inflation and longer life expectancies are likely driving the increased cost of retirement.

The data indicates that many Americans aren't on pace to reach that figure. The study found that 46% of non-retirees don't expect to be financially prepared to retire. The steep cost of retirement reflects the importance of leveraging retirement tools throughout one's working life, something the executive order may help more Americans accomplish.

Potential new retirement support options

The order is executive in nature, meaning it creates infrastructure and raises awareness of the issue of retirement planning accessibility. Congress has presented several proposals that might also address the retirement accessibility issue.

The Retirement Savings for Americans Act calls for workers to have access to tax-advantaged retirement savings accounts that are portable. The Automatic IRA Act, which has been proposed in the House, would require employers with more than 10 employees to offer automatic IRAs or another automatic retirement contribution plan.

Bottom line

The TrumpIRA.gov website is scheduled to launch next year, and the Saver's Match would also take effect in 2027. The order is bringing attention to the important issue of access to employer-sponsored retirement programs, and with additional proposals working their way through Congress, workers may have more options soon.

If you don't currently have a retirement option through your employer, watch for next steps and options that may be available to help support your retirement plan.

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