Trump Opens the Door to Retirement Accounts for 54 Million Workers Shut Out of 401(k)s

What Happened?

President Trump signed an executive order aimed at expanding retirement access to tens of millions of Americans who don’t get a 401(k) through their employer. The order directs the Treasury Department to build a centralized online platform, TrumpIRA.gov, where individuals can compare and open retirement accounts starting next year.

According to data from the Economic Innovation Group, around 54 million Americans fit this category. Many of them work part-time, switch jobs frequently, or are employed by small businesses that don’t offer retirement benefits. However, this executive order would give them access to different vetted investment options, modeled after the federal government’s Thrift Savings Plan (TSP), which is known for its low fees and simple index fund options.

The order builds off a Biden-era policy that introduced a limited ‘saver’s match,’ which offered up to $1,000 for low-income workers who contribute to retirement accounts. However, the new order focuses less on the match itself and more on making access and account management easier for Americans.

Why It Matters

Access, not just incentives, has been one of the biggest barriers to retirement saving for lower-income workers. Many people without employer plans don’t know where to start, face higher fees in the private market, or simply never get around to opening an account. A centralized platform with pre-screened options lowers that barrier in a way that scattered private offerings haven’t.

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Another angle driving interest is the potential investment firms see in the largely untapped base of American workers who have not had consistent access to retirement products. Opening access to that pipeline would bring in substantially more money, especially if the accounts are structured around simple, low-cost funds that both encourage and allow steady contributions.

While the order does open up access, there is no automatic enrollment or larger matching contributions; participation will depend on individuals choosing to opt in.

How It Affects You

For anyone without a retirement plan through their employer, this opens the door to starting to save without having to choose between dozens of private providers. Instead of comparing the different fees, account minimums, and fund options, there will be standardized plans to choose from, all in one place.

The structure is important, as it is modeled after the TSP, which 6 million federal employees use. It’s likely that the plan will emphasize low fees and broad-market index funds, such as the C fund, which tracks the S&P 500. High fees eat into long-term returns, especially over the course of years and decades, so having access to low-cost options can improve outcomes, even if contributions are modest.

Anyone looking to begin contributing can do so as early as next year, but they must sign up themselves and start contributions on their own, as there is no automatic enrollment. The existing ‘saver’s match’ still applies and can be used, but contributions will need to be set up by the individuals.

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