Building on the early momentum surrounding Trump Accounts, and consistent with his State of the Union speech, on April 30, President Trump signed an Executive Order establishing TrumpIRA.gov, a new, federally administered retirement savings platform to “promote high-quality, low-cost individual retirement accounts…that meet objective standards of cost, transparency, and fiduciary responsibility.”1 Recognizing that approximately fifty-six million Americans lack the ability to save for retirement at the workplace,2 and that approximately 45% of American households had no savings at all in retirement accounts,3 we applaud the Administration’s effort to provide easy access to retirement information.
As we know, States have taken the lead in addressing the looming unfunded retirement crisis: today, 17 States offer an Auto-IRA Program, Marketplace, or Multiple Employer Plan, while authorized initiatives in six States are in implementation or under design. As a result, in Auto-IRA Programs alone, individuals have saved more than $3 billion across more than 1.2 million accounts.4
In our view, the driving force behind the Executive Order is the Saver’s Match, which has been on our radar for some time. Our December 2025 Insight, The Saver’s Match 2027: Will Your Plan Be Ready? outlined the parameters of the Match and the importance of adding it to State Auto-IRA Programs. This is bolstered by the Pew Charitable Trusts’ finding that 87% of lower- and middle-income employees were more likely to save in a State-run Auto-IRA Program if it meant qualifying for the Match.5 Over the years, numerous behavioral studies have shown that people are 15 times more likely to participate in a workplace retirement plan than they are to establish a retirement plan, even if it is just opening a commercial IRA on their own.6
The objective of TrumpIRA.gov is more than laudable, but many steps are necessary to make it (and the resulting “Trump IRAs”) a reality, beginning with Congressional approval. Additionally, a successful platform requires administration and identified investment choices presumably available through a named broker or agent.7 Finally, a robust national outreach program is key to encouraging individuals to enroll.
In contrast, State-run Auto-IRAs already present retirement plan options for many small businesses that do not provide a workplace option. The only challenge is that the State Programs use a Roth IRA as the default account type, but the Saver’s Match requires a Traditional IRA or a qualified retirement plan. If the State Programs can add a Traditional IRA by January 1, 2027, they will be in a position to capitalize on the Saver’s Match sooner than we believe TrumpIRA.gov will. With access to smaller businesses that often hire low-to-middle income employees, States can expand their outreach efforts to connect with this demographic.
We know that State Administrators and their private sector partners are working hard to capture the Saver’s Match audience by the January 1, 2027 effective date. We see TrumpIRA.gov as yet another compelling reason to get ahead on this and truly be ready to help participants take advantage of the federal funding. We look forward to State Programs seizing the moment!
1 Source: Executive Order: Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov
2 Source: The Pew Charitable Trusts: Workers Without Access to Retirement Benefits Struggle to Build Wealth
3 Source: USAFacts: Nearly half of American households have no retirement savings. See also The Federal Reserve Survey of Consumer Finances, October 2023
4 Source: Georgetown Center for Retirement Initiatives, data as of April 30, 2026
5 Source: The Pew Charitable Trusts: Federal Savers Match, Coming in 2027, Could Also Boost Automated Retirement Savings Program
6 Source: Georgetown Center for Retirement Initiatives: What We Know About Retirement Savings: Why Strategic Behavioral “Nudges” Make Sense. See also Pension Rights Center, March 5, 2026 and Ascensus, Eligible Not Contributing Employee Survey Results, March 10, 2026
7 Our view is based upon the recently announced structure for Trump Accounts, which includes Bank of New York Mellon as fiscal agent and Robinhood Markets, Inc. as the brokerage and initial trustee