Trump’s new retirement plan offers $1,000; here’s who’s eligible and when to add funds

“I committed to providing all Americans with the same type of retirement accounts that federal employees have, and that’s what we’re doing. It seems fair,” he said.

Low-income individuals are expected to benefit the most, as the program builds on existing provisions that allow federal matching contributions for those earning below certain income thresholds.

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“This is a great thing for the millions of Americans who lack employer-sponsored plans, and it’s going to be truly revolutionary because they’re going to be covered,” Trump said. He also suggested that continued contributions combined with a federal match could significantly increase retirement savings over time.

Eligible individuals will be able to open accounts through the proposed platform, TrumpIRA.gov, where they can select an eligible account retirement plan If they meet the criteria, they receive a federal match.

The Treasury Department is expected to oversee the rollout of the scheme, including listing approved schemes and providing information on how to access benefits.

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Officials said the order is intended to supplement existing laws that provide matching contributions while expanding awareness and use of the retirement savings vehicle.

Trump cast the move as a major policy step, saying the plan could significantly improve the financial security of millions of people. “No one thought it was possible… in other words, that they would get rich. It’s really great,” he said.

More implementation details are expected as the program nears its launch date.