How to know if you're eligible for Trump's new retirement plan that could see millions of Americans get extra $1,000
Topics: Donald Trump, US News, Money
Callum Jones
Featured Image Credit: Aaron Schwartz/CNP/Bloomberg via Getty Images
Topics: Donald Trump, US News, Money
This is how you can check if you're eligible for Donald Trump's new retirement plan which, according to the White House, is set to benefit millions of Americans in the years to come.
President Trump signed an executive order on Thursday (April 30) that could well see tens of millions of working US citizens enrolled in retirement accounts.
A White House press release explains how small businesses employees, part-time workers, independent contractors, and self‑employed people will soon gain access to further retirement plans which could see them bag an extra $1,000.
Speaking during a signing ceremony at the White House on Thursday, Trump said: "Beginning at the start of next year, every American will be able to go to TrumpIRA.gov and open a new low-cost IRA account.
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"You'll then be able to access the same type of retirement accounts that federal employees enjoy."
The White House has said it will act in a similar way to the Thrift Savings Plan in place for federal workers across the US.
They said in a press release: "Tens of millions of Americans lack access to employer-sponsored retirement plans. Workers in small businesses, part-time workers, independent contractors, and self‑employed workers face unnecessary barriers to saving for retirement.
"My Administration intends to give these often-left-out American workers access to the same type of retirement-savings opportunities offered to every Federal worker and to establish an easy and transparent way for eligible workers to obtain up to a $1,000 match for their savings."
Americans will be able to plan their retirement by booting up the website TrumpIRA.gov, which is set to launch in January 2027.
All Americans will be eligible to look into and enrol into a 'high-quality, low-cost' Individual Retirement Account (IRA), which is set to be offered up by private-sector financial institutions starting from next year.
Trump previously discussed his plans to boost retirement savings prior to this week's announcement during his 2026 State of the Union address.
He said: "We have millions and millions of people – because the stock market has done so well, setting all those records – your 401(k)s are way up.
"Yet, half of all of working Americans still do not have access to a retirement plan with matching contributions from an employer.
“To remedy this gross disparity, I'm announcing that next year, my administration will give these often-forgotten American workers – great people; the people that built our country – access to the same type of retirement plan offered to every federal worker.”