Trump creates Saver's Match and TrumpIRA.gov to boost retirement savings
Updated
Updated · The Motley Fool · May 10
Trump creates Saver's Match and TrumpIRA.gov to boost retirement savings
13 articles · Updated · The Motley Fool · May 10
The order targets roughly 56 million Americans without employer-sponsored plans and replaces the Saver's Credit with a federal match of up to $1,000 on $2,000 in contributions.
The new website is intended to help people find eligible, low-cost IRA providers and present the incentive as an immediate match rather than a tax-time credit.
Officials say the existing credit has been little used, with 5.7% of taxpayers claiming it and the average benefit just $191, especially affecting contractors and self-employed workers.
How will a government-backed IRA marketplace permanently alter the landscape for private retirement plan providers?
The government is offering free retirement cash, but what are the hidden catches and who gets left behind?
Will a $1,000 'free money' match actually change saving habits, or do deeper psychological barriers remain?