00:00This is the IRA executive order that you just mentioned.
00:03This establishes the retirement accounts with the federal match
00:07to provide access to high-quality retirement accounts
00:10to a lot of Americans who don't currently have access to such accounts.
00:15Okay. There it is. That's nice.
00:21Great. Thank you very much, everybody.
00:29This afternoon, I'm thrilled to sign a historic executive order
00:33expanding access to high-quality retirement savings accounts
00:37for millions of Americans.
00:39In my State of the Union, earlier this year,
00:42I promised to make the same types of retirement accounts enjoyed
00:45by the federal employees available to all Americans.
00:49So that's what we're doing.
00:51It only seemed fair.
00:52It's a tremendous—it's really a tremendous situation for all Americans.
01:03Beginning at the start of next year,
01:05every American will be able to go to trumpira.gov
01:10and open a new low-cost IRA account.
01:12You'll then be able to access the same type of retirement accounts
01:17that federal employees enjoy through the thrift savings plans,
01:21which are incredible.
01:23As part of the federal Savers Match program,
01:26low-income Americans will be eligible to receive up to $1,000 per year
01:30in matching funds deposited directly into their accounts.
01:35It's a great thing.
01:37For millions of Americans who lack employer-sponsored plans,
01:41this will be really revolutionary because they'll be covered.
01:44Nobody thought that was possible.
01:46For example, if a 25-year-old who is eligible for a Savers Match program
01:51invests just $165 a month under the matching federal contributions,
01:56they will have an estimated $465,000 in their account
02:02by the time they're 65 years old.
02:06In other words, they'll be rich.
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