President Donald Trump signed an executive order on Thursday to expand 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.
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