Trump's week in review: Third assassination attempt, IRA retirement accounts, King Charles' state visit
5. Trump announces plans for IRA retirement accounts for US workers
In an executive order on Thursday, Trump directed Secretary of the Treasury Scott Bessent to establish a website with the URL TrumpIRA.gov by Jan. 1, 2027. The purpose of the forthcoming website is to provide people with a retirement savings account, especially for American citizens whose employers do not offer retirement plans.
A fact sheet compiled by the White House provides additional details about the executive order and its potential impact, noting that lower and middle-income workers who sign up for IRAs and meet requirements are able to receive a federal contribution of up to $1,000 per year.
According to the fact sheet, “a 25-year-old low-income worker who steadily saves around $165 per month and qualifies for the Saver’s Match of around $1,000 per year could, at a 6% rate of return, end up with around $465,000 by the age of 65, with nearly $155,000 attributable to the Saver’s Match.”
“Roughly 41 million American workers between ages 18 and 65 lack access to any employer-provided retirement plan, and 49 million full-time workers and 14 million part-time workers do not receive an employer match to their retirement savings contributions,” the fact sheet adds.
Ryan Foley is a reporter for The Christian Post. He can be reached at: ryan.foley@christianpost.com
