Trump's Executive Order and Congressional Support Could Boost U.S. Retirement Wealth by 77%, Study Finds

President Donald Trump signed an executive order to establish a new retirement savings option for workers without access to employer-sponsored plans, potentially transforming retirement security for millions. The initiative includes launching TrumpIRA.gov next year, enabling workers to enroll in private-sector IRAs with federal matching contributions.

Researchers from Morningstar project that, with congressional backing to expand matching contributions and implement auto-enrollment, U.S. retirement wealth could surge by up to 77%, adding an estimated $1.35 trillion over the next decade. This move targets the 56 million Americans currently lacking workplace retirement benefits.

A New Path to Retirement Savings for Millions

Trump’s executive order addresses a critical gap: approximately 56 million Americans do not have access to employer-sponsored retirement plans like 401(k)s. The order mandates the creation of TrumpIRA.gov, a platform where workers can compare and enroll in private-sector individual retirement accounts. Eligible participants may receive up to $1,000 annually in federal matching funds through the Saver’s Match program, a benefit previously available only to federal employees.

The Saver’s Match, established under the 2022 Secure 2.0 legislation, offers a 50% match on contributions up to $2,000 for low-income savers. The Trump administration is actively collaborating with Congress to expand this program’s reach and increase the matching amount.

Legislative Proposals Could Amplify Retirement Savings

Two key bills introduced in 2025—the Retirement Savings for Americans Act and the Automatic IRA Act—could provide the legislative framework to enhance Trump’s executive order. Both aim to broaden access to retirement accounts, introduce automatic enrollment, and increase federal matching contributions.

• The Retirement Savings for Americans Act would automatically enroll eligible workers at a 3% income contribution rate, with low- and moderate-income workers receiving up to a 4% federal match.
• The Automatic IRA Act mandates employers with more than 10 employees who lack retirement plans to automatically enroll workers in IRAs, starting at a 6% contribution rate that escalates annually to 10%.

National Economic Council Director Kevin Hassett emphasized ongoing efforts with Congress to significantly expand these programs, highlighting the potential for legislation this year.

Morningstar Study: Potential for Massive Growth in Retirement Wealth

Morningstar researchers modeled the impact of combining expanded matching, auto-enrollment, and increased contribution rates. Their simulations suggest that these measures could increase U.S. retirement wealth by 77%, adding $1.35 trillion over 10 years.

A critical factor in boosting savings is automatic enrollment, which shifts participation from opt-in to opt-out, dramatically increasing the number of savers. Other tested provisions include raising the Saver’s Match to 100%, increasing income eligibility caps, and restricting access to matching funds until age 62.

"Consistent savings behavior — saving consistently over time — is the biggest determinant of growing your nest egg," said Spencer Look, associate director of retirement studies at Morningstar.

Looking Ahead: What This Means for American Workers

While the executive order lays the groundwork, the ultimate impact depends on congressional action to pass legislation expanding access and increasing federal matches. If successful, millions of workers currently excluded from retirement plans could build significantly larger nest eggs.

For individuals, the key takeaway remains the importance of consistent contributions over time. With potential new programs on the horizon, workers have more opportunities than ever to secure their financial futures.