Retirement Retirement Planning

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

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

By Paige Cerulli , Edited by Andrea Basse

Updated Sept. 23, 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, about 56 million Americans don't have access to an employer-sponsored retirement plan, making retirement saving more challenging.

On April 30, 2026, 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 connect workers without access to employer-sponsored retirement accounts with IRAs they can choose. The site lets workers compare IRAs based on factors like cost, quality, and investment options. Workers may use the site to explore and then enroll in private-sector IRA accounts.

The site is already live, and you can use it to find information or sign up. The full launch is scheduled for Jan. 1, 2027.

The Saver's Match for eligible workers

The order also integrates the Saver's Match, a provision signed into law by Joe Biden in 2022 that takes effect in 2027. Certain workers may qualify for a government match on contributions to a qualified retirement account, potentially boosting their savings.

For 2027, single filers with modified adjusted gross income (MAGI) below $35,500 and married couples filing jointly with MAGI below $71,000 may qualify for a Saver's Match. Heads of household may qualify with MAGI below $53,250. The match amount varies by income, with the full 50% match available to single filers earning up to $20,500 and joint filers earning up to $41,000. The maximum match is $1,000 per person per year.

The Saver's Match is also nearing implementation. On Aug. 7, 2026, the U.S. Department of the Treasury and IRS issued Notice 2026-48, announcing plans to propose regulations and opening a public comment period through Oct. 5. The announcement is part of the implementation of Executive Order 14403, issued April 30, 2026.

The match will apply to contributions made for the 2027 tax year, with eligible taxpayers receiving the benefit starting in 2028. Qualifying workers can receive a federal contribution worth up to 50% of their first $2,000 in eligible retirement contributions, for a maximum of $1,000.

As of September 2026, the program remains in the rulemaking process, so some details could change before final regulations are issued. InvestmentNews reported Aug. 10 that Treasury and the IRS had opened the comment period and were moving forward with rules ahead of the 2027 launch.

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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 higher-income workers, so the match could help build those savings.

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

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

Industry experts have supported the executive order. In a statement, SHRM, the Society for Human Resource Management, a thought leader on evolving workplaces, said the executive order is an opportunity to begin addressing barriers to retirement savings.

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

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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 16% increase from the $1.26 million Americans reported needing in 2025. Factors like inflation and longer life expectancies likely drive the higher 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 underscores the importance of using retirement tools throughout one's working life, something the executive order may help more Americans do.

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 also introduced several proposals that could address retirement accessibility.

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, 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 fully 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 increase your senior benefits.

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