For millions of Americans, saving for retirement is not only difficult, but out of reach. According to research from The Pew Charitable Trusts (1), approximately 56 million workers do not have access to a 401(k) or other employer-sponsored retirement plan. Without those tools, the potential for long-term savings is greatly reduced.
Last week, President Donald Trump signed a new executive order aimed at closing that gap (2). The order directs the Treasury Department to create a new federal website where workers without access to employer-sponsored retirement plans can compare and enroll in individual retirement accounts and, if eligible, receive a government savings match.
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These changes could expand access to retirement tools for millions of people. But how much they ultimately help will depend on who signs up and what happens next in Congress.
Here’s who is eligible, when the changes will start and what it could mean for your money.
Who qualifies and how will the new system work
The executive order targets workers who do not currently have access to a workplace retirement plan, including many part-time workers, contractors and small business employees.
At the center of the plan is a new website, TrumpIRA.gov, which is expected to launch in 2027. The platform will allow users to compare and enroll in private sector individual retirement accounts (IRAs), much like workers choose plans through employer-sponsored systems.
Although the accounts themselves won’t be run by the federal government, the site is designed to make retirement options easier to find and potentially more competitive on cost and features.
A key feature is integration saver’s matchA provision made under the 2022 Secure 2.0 law. Starting in the 2027 tax year, eligible workers can receive a government match of up to $1,000 annually when they contribute to a qualified retirement account.
Eligibility is income based (3):
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Single filers with modified adjusted gross income of approximately $20,500 (or joint filers up to $41,000) can qualify for the full match.
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Benefits will be phased out for single filers earning up to $35,500 and joint filers earning up to $71,000.
The match is designed to boost participation among low- and middle-income workers, who are less likely to have access to employer plans and often save less overall.
It’s worth noting that the executive order builds on existing policy rather than creating an entirely new system. More than 20 states already offer auto-IRA programs, and the Saver Match was signed into law before this order. The new effort aims to connect those pieces and bring more workers into the system.
Read more: Almost 50 with no retirement savings? This is why you shouldn’t panic
When does it start – and can it really boost your retirement savings
Most changes will not take effect immediately. The TrumpIRA.gov platform is expected to go live by January 2027, with the Saver Match beginning for the 2027 tax year. Any broader expansion, such as increasing the match or automatically enrolling workers, would require additional legislation from Congress.
That next step can make a significant difference. Morningstar research shows that a combination of features like automatic enrollment, higher matching contributions and expanded eligibility can dramatically improve retirement outcomes. In one model scenario, American retirement wealth increased by 77% over time (4).
Even more minor changes can have an impact. Morningstar estimates that automatic enrollment alone could bring more than 30 million new savers into the system and increase total retirement assets by about 28% (5).
The reason is simple: participation gets results.
“If it’s a voluntary enrollment type of structure, we wouldn’t expect much of an increase,” said a Morningstar researcher, pointing to the importance of making savings automatic rather than optional (6).
This sheds light on one of the biggest unknowns. Although the new platform may simplify access to retirement accounts, it does not guarantee that employees will sign up or contribute consistently.
For now, the executive order represents a step toward expanding access. But for workers who qualify for the saver match or have access to the new IRA option, contributing regularly — even in small amounts — can make a meaningful difference over time. In other words, the equipment may be improved. But building a retirement nest egg will still depend on what you do with them.
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Pew Charitable Trust (1); AARP (2); cnbc (3),(6); morningstar (4),(5)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.