May 5, 2026
On April 30, President Trump signed an executive order that seeks to give more working Americans access to a retirement savings plan through a new website, TrumpIRA.gov, and is offering them up to $1,000 of free money each year as an incentive to open one and contribute (1).
The Saver's Match, a federal government retirement contribution match program (2), will go into effect on January 1, 2027 and individuals who meet the requirements can qualify for a government match deposit of up to $1,000 a year directly into their retirement account (3). This program isn't new, but the active promotion of retirement savings accounts to those who don't have them could help grow retirement savings for many hardworking Americans.
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Although the Saver's Match program was designed for lower-income workers, Trump mentioned at a White House briefing that he's looking to expand coverage to more working Americans.
"To take it to the next level, we need congressional approval, which should be very easy to get," Trump said at the executive order’s signing (2).
His order instructs the administration to prepare legislative recommendations to establish a "path for all Americans to access high-quality, low-cost IRAs and a Federal matching program (1)."
This could mean a greater number of Americans, beyond lower income workers, could benefit from the Saver's Match by taking advantage of free money to help grow their retirement savings.
Expanding the Saver's Match
As CNBC explains, the Saver's Match applies to single taxpayers making less than $35,500 per year, as well as joint filers making up to $71,000 (2).
Provided you meet the program's requirements, the government will match your contributions at a 50% rate up to $1,000 per year. So, if you contribute $2,000 to your retirement plan each year, the federal government will match it by depositing $1,000 for the year into your account.
A fact sheet on Trump's executive order calls the Saver's Match "one of the most powerful retirement savings incentives available to working Americans (1)," and the order intends to make it available to the roughly 50 million workers who do not have employer-sponsored retirement plans (4).
At the signing ceremony, Kevin Hassett, director of the White House's National Economic Council, said many middle-income earners also don't have employer plans and could benefit from expanding the program to those with higher incomes.
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"We're working with Congress to significantly expand this program and are looking forward to legislation this year," he said, according to CNBC (4).
Shai Akabas, vice president of economic policy at the Bipartisan Policy Center, agrees, mentioning that building on the current program is likely to be "really important and well received" to help even more people save for retirement (2).
Semafor explained that the Treasury and National Economic Council will draft the legislative recommendations for such an expansion (5), "including by automatically enrolling workers in private-sector IRAs and by making more workers eligible for the Saver's Match."
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Saving for your future
While it remains to be seen whether workers with annual incomes above $35,500 can benefit from the Saver's Match, Americans would be wise to make sure they're currently doing all they can to fund their retirement.
If your employer offers a sponsored retirement plan, ensure that you are enrolled and making regular contributions. Even small amounts can add up over the years and if your employer offers match contributions, you'll be glad you took advantage of that free money.
With life expectancy on the rise, Americans now need to have more money saved for retirement than ever before in order to cover things like housing, living expenses and healthcare for a longer period. A good financial planner can help evaluate what will work best for your current needs and your future financial wellbeing.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
The White House (1); CNBC (2),(3); NBC News (4); Semafor (5).
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Joanna Sinclair is an engagement editor for Moneywise. She holds a B.A. in Professional Writing from York University and has been working in digital media for nearly two decades.
