President Donald Trump signed an executive order on April 30 to create a new federal website to comparison shop for retirement savings accounts, similar to the way TrumpRx.gov allows consumers to search for prescription drugs.

Trump aims to have the site live before 2027, when the federal government will begin matching retirement savings contributions made by middle- and lower-income workers.

“Beginning at the start of next year, every American will be able to go to TrumpIRA.gov and open a new, low-cost IRA account,” Trump said when announcing the order.

Congress authorized the matching contribution, called the Saver’s Match, in 2022. It will match up to $1,000 in contributions made by people earning less than $35,000 per year, or $2,000 for married couples who file jointly.

Smaller matching amounts are available for people earning up to $46,00 per year.

Contributions to 401(k) plans, IRAs, and Roth IRAs, all qualify.

The site will list retirement programs that accept the Saver’s Match contribution and meet certain other requirements, including operating with low administrative costs and administrative expenses, limited to 0.15 percent, and require no minimum contribution or balance.

The administration plans to expand the program to include people earning above that amount, said Kevin Hassett, director of the National Economic Council.

“There are a lot of people who make more than that [who] don’t have many assets for retirement,” Hassett said, “We’re working with Congress to significantly expand this program.”

The accounts are intended to provide a savings option for people, including gig workers, who do not have employer-sponsored retirement plans, Hassett said.

About one-third of Americans have no employer-sponsored pension or tax-sheltered retirement account.

The median balance in the 54 percent of U.S. households with retirement savings accounts was $87,000 in 2022.

The median individual contribution to an IRA in 2020 was about $2,500.

The Savers Match program will help Americans build wealth, Trump said.

Citing the example of a 25-year-old enrollee who invests $165 per month and receives the federal matching contribution, Trump said the savings would grow to $465,000 at retirement.

“In other words, they’ll be rich,” he said.

Financial planners generally estimate that a person will need income equal to 70 percent to 80 percent of their pre-retirement earnings to retire comfortably. However, Social Security generally replaces only about 40 percent of a worker’s income.

Trump’s order does not create a new government-sponsored retirement plan. It aims to encourage Americans who do not have a personal retirement account to create one and to help them search for options.