President Donald Trump unveiled a new retirement savings option for Americans who lack plans provided by their own employers.
Trump signed an executive order on Thursday providing up to $1,000 in federal matching contributions for Americans who start Individual Retirement Accounts, also known as IRAs, through TrumpIRA.gov.
The site will be operational by Jan. 1, 2027.
Those who use the accounts must qualify for the Federal Saver’s Match contribution, which will enable the $1,000 matching from the federal government.
“The Order directs the Secretary of the Treasury to prepare legislative recommendations to codify and build upon the TrumpIRA.gov framework, establishing a permanent path for all Americans to access high-quality, low-cost IRAs and a Federal matching program,” the fact sheet noted.
The document emphasized that Trump wants to provide workers — especially “independent contractors, part-time workers, small business employees, and self-employed individuals” — the chance to have more investment opportunities.
Currently, 41 million Americans between 18 and 65 do not have any access to an employer-provided retirement plan.
Some 49 million full-time workers and 14 million part-time workers do not receive employer matching for their retirement savings.
“Nobody thought that was possible. For example, if a 25-year-old who is eligible for a Savers Match program invest just $165 a month under the matching federal contributions, they will have an estimated $465,000 in their account by the time they’re 65 years old,” Trump described.
“In other words, they’ll be rich. And there’s something awfully nice about that.”
Source: VidNews » Feed
