President Trump Creates “TrumpIRA” for Independent Contractors, Self-Employed Individuals, and Other Workers

President Trump Creates “TrumpIRA” for independent contractors, self-employed individuals, and other workers.

President Trump signed an Executive Order on Thursday to provide independent contractors, self-employed individuals, and other workers on Thursday:

Sec. 2.  Establishment of TrumpIRA.gov.  (a)  The Secretary of the Treasury shall, by January 1, 2027, establish a website (TrumpIRA.gov) that provides individuals, with a particular focus on independent contractors, self-employed individuals, and other workers who do not have access to an employer-sponsored retirement plan, with information about high-quality, low-cost IRAs.  Individuals who contribute to qualifying IRAs, and who are otherwise eligible, are entitled to a Federal Saver’s Match contribution of up to $1,000 pursuant to 26 U.S.C. 6433.

President Trump’s order expands access to retirement savings accounts for Americans without employer-sponsored plans.

The order calls for the creation of a new website, TrumpIRA.gov, where workers will be able to enroll in low-cost individual retirement accounts beginning next year.

“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,” Trump said during a signing ceremony at the White House, Fox Business reported. “You’ll then be able to access the same type of retirement accounts that federal employees enjoy through the Thrift Savings Plans, which are incredible.”

The initiative is designed to address a gap affecting millions of workers who lack access to workplace retirement plans. Officials say the new accounts will function similarly to those offered to federal employees.

As part of the effort, lower-income Americans will be eligible for matching contributions from the federal government through an existing program set to begin next year.

“As part of the Federal Savings Match program, low-income Americans will be eligible to receive up to $1,000 per year in matching funds deposited directly into their accounts,” Trump said.