You don't have to wait for the TrumpIRA to start saving for retirement. Use these 3 tools to start saving now

CNBC Top News ·

You don't have to wait for the TrumpIRA to start saving for retirement. Use these 3 tools to start saving now

President Donald Trump on Thursday signed an executive order giving access to retirement accounts to workers whose employers don't currently offer them. …

President Donald Trump on Thursday signed an executive order giving access to retirement accounts to workers whose employers don't currently offer them. But you don't need to wait for Trump's new marketplace to start saving for retirement — there are tools you can use right now. Trump's executive order directs the Treasury Department to launch TrumpIRA.gov, a marketplace where Americans can select their own retirement plans. Single taxpayers, along with married taxpayers who file separately, and earn $20,000 before taxes and married taxpayers filing jointly who earn $40,0000 are eligible for a 50% contribution match up to $1,000 annually. Single taxpayers earning $20,000 to $35,000 can receive a smaller match. As Trump previously outlined in his latest State of the Union address, it will be integrated with the Savers' Match, which was created through the Secure 2.0 legislation passed in 2022 during the Biden administration, and begins next year. The White House did not immediately respond to CNBC Select's request for comment about the program. There are thousands of IRA options you can start using today, regardless of whether or not your employer offers a plan — and all of these offerings are eligible for the Savers' Match. We get into our favorite IRAs below, plus other tools — like annuities and mortgage refinancing — that can help you secure more cash in retirement. …

Original source: CNBC Top News

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White House · Donald Trump · CNBC · Joe Biden · Americans