By Evaristo Lara
President Donald Trump signed an executive order so that workers without access to retirement benefits through their employers can choose one option among several offered by the private sector, after comparing several savings accounts available on the market.
In accordance with the order of the nation’s president, the Treasury Department will launch TrumpIRA.gov, an online portal where workers will be able to choose their own retirement plans.
This measure will allow people who lack retirement plans provided by the companies where they present their services to compare and open low-cost IRA accounts (Personal Retirement Accounts).
The initiative states that Americans with individual incomes of less than $35,500 annually or less than $71,000 as a couple will be able to access the aforementioned site to request the employer’s matching contribution.
In this way, those who are eligible will receive federal support of up to $1,000 dollars individually or up to double if they have registered as a couple.
The federal government’s goal is to act as an online marketplace for freelancers, contractors, and employees without access to 401(ok) plans.
“I am excited to sign a historic executive order that expands access to high-quality retirement savings accounts for millions of Americans.
In my State of the Union address earlier this year, “I promised that the same types of retirement accounts that federal employees enjoy would be available to all Americans, so that’s what we’re doing,” said Donald Trump. prior to signing the order in the Oval Office.
Trump’s order is intended to help make at least one retirement plan available to about 50 million people who have none offered by their employers.
It should be noted that This initiative does not represent the creation of a new government retirement idea, but rather a channel to connect workers with the existing plans of private companies.
“To remedy this huge disparity, I am announcing that next year my administration will give these often forgotten American workers – great people, the people who built our country – access to the same type of retirement plan that is offered to all federal workers,” the seventy-nine-year-old Republican said.
Keep reading:
• Trump proposes new retirement accounts with an additional $1,000 a year
• Study reveals that half of private sector workers in the US have no idea of retirement
