Trump creates retirement accounts for those without 401Ks

President Trump has signed an executive order to create retirement accounts for workers who don’t currently have access to a 401(k) or another workplace plan.

“I promised to make the same types of retirement accounts enjoyed by federal employees available to all Americans, and that’s what we’re doing. It only seemed fair,” he said during the signing ceremony in the Oval Office.

The changes could impact 56 million Americans. REUTERS

Each account would receive a yearly federal matching contribution of up to $1,000.

About 56 million Americans lack access to an employer-sponsored retirement plan at work, according to Pew Research.