Trump IRA Program Could Help More Workers Save

The new initiative will direct workers to retirement plans and offer a $1,000 match to low-income earners

Miriam Cross,

AARP

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Published May 01, 2026

the president showing his executive order

Alex Brandon/AP Photo

Key takeaways

The proposed Trump retirement accounts would feature reasonable costs and no minimum balance or contribution requirements, modeled on a federal worker option.
AARP supports bipartisan efforts to increase access to retirement plans on the state and federal level. This executive order and the federal match of up to $1,000 for some workers could boost retirement savings.
This program would expand on state-run automatic IRA programs that have enrolled about 1.2 million workers in 21 states.

The retirement plans that President Donald Trump teased earlier this year are becoming a reality. These new individual retirement accounts are intended to expand Americans’ savings options for those who lack access to employer-sponsored plans such as 401(k)s.

On Thursday, Trump signed an executive order establishing a new website called TrumpIRA.gov, set to launch in January 2027. The site will become a marketplace of sorts for private-sector individual retirement accounts. The federal government will also provide an annual federal match of up to $1,000 for workers with incomes below $35,000. This contribution is known as the Saver’s Match, and replaces a tax credit available to low- and moderate-income workers in 2027.

Trump’s initiative is not meant to replace Social Security.

“AARP has been leading the charge to prepare all Americans for a secure retirement,” said Bill Sweeney, senior vice-president of government affairs at AARP, in a statement. "The bipartisan efforts from leaders in Congress and this administration, through today's executive order and the implementation of the Saver's Match program, will make real progress in expanding access to retirement accounts.”

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Trump first floated the idea of these new retirement savings vehicles in his State of the Union Speech in February. On Thursday, during the Oval Office signing of the executive order, Trump said the new program would expand options for Americans.

“For millions of Americans who lack employer-sponsored plans, this will be really revolutionary because they’ll be covered,” Trump said.

Opportunity for millions of workers

AARP has long supported increased access to retirement plans, including pensions and 401(k)s, which help older adults feel financially secure and live independently. Fifty-six million workers lack access to such plans through their employers, according to AARP research. This could include independent contractors, part-time workers, small business employees and those who are self-employed. But Americans are 15 times more likely to save for retirement when they have access to a workplace plan.

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These IRAs are intended to mimic the retirement option that federal workers can access, with relatively low costs and no minimum contribution or minimum balance requirements.

“Older Americans consistently tell us they want policies that expand opportunity and help people build financial security over a lifetime,” wrote Nancy LeaMond, chief advocacy and engagement officer at AARP, in a letter Thursday to administration leaders. “Expanding access to retirement savings accounts directly advances these goals.”

At the state level, AARP has supported “work and save” programs, such as state-facilitated automatic IRAs, that fill the gap left by employers who don’t offer a retirement vehicle. Nearly 1.2 million employees nationwide had enrolled in these “work and save” programs as of January 2026, with legislation, supported by AARP, enacted in 21 states.

Although these state-level options “have been essential, AARP supports the development of a national retirement savings approach that builds on the proven success of state efforts while providing consistent access across the country,” LeaMond wrote in her letter Thursday.

AARP has endorsed proposed federal legislation, including the bipartisan Retirement Savings for Americans Act and the Automatic IRA Act, both of which would help improve retirement security for American workers. A national retirement plan should default to having workers save through automatic payroll deductions, LeaMond noted in her letter, but would ideally allow them to opt out, contribute at the level they choose and select their investments. These plans should follow workers from job to job, charge low fees, and complement rather than replace Social Security, LeaMond wrote.