Trump to sign executive order expanding retirement account access

President Donald Trump to sign an executive order Thursday to create a new type of retirement account for workers who don’t currently have access to a 401(k) or another workplace plan, White House officials confirmed to CNBC.

Trump initially floated the idea of creating the accounts, which would come with a federal matching contribution of up to $1,000, during his State of the Union address in February.

Roughly 56 million Americans lack access to an employer-sponsored retirement plan at work, according to 2025 research from the Pew Charitable Trusts, an independent public policy nonprofit.

Trump’s proposed order, first reported by Semafor, will be integrated with the Saver’s Match, a provision from 2022 legislation known as Secure 2.0. The Saver’s Match goes into effect in tax year 2027.

Under those rules, single taxpayers with an adjusted gross income of $20,000 (or joint filers making up to $40,000), qualify for a government match worth 50% of up to a $2,000 contribution to a qualified retirement account, for a maximum match of $1,000 a year. Single filers with annual incomes between $20,000 and $35,000 qualify for reduced contributions.

In 2025, the Morningstar model of retirement outcomes projected that Americans eligible for the match would receive a 12% boost to their wealth in retirement.

About 26 million full- and part-time workers who qualify for a full or partial version of the Saver’s Match don’t have access to a plan where they can collect the benefit, according to the Economic Innovation Group, a bipartisan public policy organization.

“Establishing a universal retirement system to companion with Social Security was always needed and its time has come,” said Teresa Ghilarducci, a professor at The New School who co-authored 2021 research with National Economic Council Director Kevin Hassett on providing low-income workers with retirement savings similar to the Thrift Savings Plan.

The executive order will instruct the White House to work with Congress to propose legislation that will make both the coverage and the savings credit larger, Ghilarducci said.

It’ll “make this effort stickier, because it’ll be a congressional action, not just from a president,” Ghilarducci said.

This is a developing story. Please check back for updates.