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 latest marketplace to start saving for retirement — there are tools you can leverage 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. 

What we’ll cover 

Open an IRA 

Consider an annuity 

How refinancing your mortgage now can help you in retirement

If you don’t have a 401(k) plan through your job, opening an IRA should be on your retirement planning to-do list. These are investment accounts that aren’t tied to your employment, so they’re available to large swaths of the population.  

There are two types of IRA accounts — Roth and traditional — and each has different rules and tax benefits.  

Roth IRAs have the benefit of tax-free growth and tax-free withdrawals later, making them a compelling option for those who expect to be in a higher tax bracket later. only those earning an adjusted gross income of , on the other hand$168,000 or less (or $252,000 if married filing jointly) are eligible to contribute. 

In a traditional IRA, which anyone can contribute to regardless of income, funds are taxed when you withdraw them in retirement. contributions can be used to lower your taxable income for the same year of the contribution. , on the other hand 

Our favorite IRAs

Many popular banks and investing platforms have both types of IRAs. CNBC Select likes Vanguard since the brand offers both options, doesn’t have commission fees for stocks and exchange-traded fund trades and has no brokerage fees when you sign up for e-statements.  

Vanguard

Minimum deposit and balance

Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum to open a Vanguard account, but minimum $1,000 deposit to invest in many retirement funds; robo-advisor Vanguard Digital Advisor® requires minimum $100 to enroll

Fees

Fees may vary depending on the investment vehicle selected. Zero commission fees for stock and ETF trades; zero transaction fees for over 3,000 mutual funds; $20 annual service fee for IRAs and brokerage accounts unless you opt into paperless statements; robo-advisor Vanguard Digital Advisor® charges up to 0.20% in advisory fees (after 90 days)

Bonus

None

Investment vehicles This also touches on aspects of bull market.

Robo-advisor: Vanguard Digital Advisor® IRA: Vanguard Traditional, Roth, Rollover, Spousal and SEP IRAs Brokerage and trading: Vanguard Trading Other: Vanguard 529 Plan

Investment options

Stocks, bonds, mutual funds, CDs, ETFs and options

Educational resources

Retirement planning tools

Terms apply.

We also like Betterment’s traditional and Roth IRAs since the platform is mobile-friendly and easy to employ.  

Betterment

Minimum deposit and balance requirements may vary depending on the investment vehicle selected. For example, Betterment doesn’t require clients to maintain a minimum investment account balance, but there is a ACH deposit minimum of $10. Premium Investing requires a $100,000 minimum balance.

Fees may vary depending on the investment vehicle selected, account balances, etc. Click here for details.

Robo-advisor: Betterment Digital Investing IRA: Betterment Traditional, Roth and SEP IRAs 401(k): Betterment 401(k) for employers

Stocks, bonds, ETFs and cash

Betterment offers retirement and other education materials

Terms apply. Does not apply to crypto asset portfolios.

With either type of account, you’re able to contribute up to the limit, which is $7,500 in 2026 for those under age 50 and $8,600 for those who are 50 or older, or up to your total taxable compensation for the year if it’s less than this amount.  

Additionally, these accounts have rules on when withdrawals can be made: You can start making penalty-free withdrawals at age 59 and a half. Prior to that age, you’ll pay a 10% penalty, and the proceeds will be taxed at your standard income rate if you need to withdraw.  

If you’re close to retirement and are worried about outliving your savings, an annuity could be the right fit.

Typically sold by insurance companies, these contracts are either purchased with a lump-sum payment or paid for over time. They will create a guaranteed income stream either immediately or in the future, no matter how long you live. 

Annuities aren’t the right fit for everyone as they can carry high fees and they might have lower returns than you could see from investing on your own. But the promise of lifetime income can offset those drawbacks for some retirement savers.

There are many kinds of annuities, including variable annuities, which base earnings on the performance of subaccounts that hold investments like stocks, bonds and capital industry funds. Meanwhile, fixed annuities offer a guaranteed minimum return that you’ll receive no matter what happens in the sector. Indexed annuities’ returns track an index like the S&P 500, subject to a maximum cap that varies by policy. 

You can also choose how quickly you want your annuity to start paying out. Immediate annuities start payments as soon as you acquire them, while deferred annuities will start paying out at a future point you specify. Some policies allow you to adjust your income start date if your circumstances change.

Our favorite annuities

CNBC Select likes Athene Annuities for its wide variety. It’s also earned excellent marks for financial strength from ratings agency A.M. Best, indicating the firm is likely to remain financially strong for years to come — after all, corporation default is one of the risks that annuity buyers should weigh before buying.

The annuities also have a wide variety of optional riders that can help you meet certain goals, like providing increased liquidity or an enhanced death benefit paid to your heirs. 

We also like Novel York Life for its low, accessible minimum deposit amount of $5,000 for some types of accounts, which is lower than the $10,000 minimum many other providers require. Furthermore, experts in wall street note the continued relevance.

Updated York Life Annuities

Annuity types

Latest York Life offers immediate income, variable and fixed deferred annuities, with some income annuities able to earn dividends. With deferred annuities, you can pay additional premiums later to add to their value.

Minimum deposit

Minimum deposits range from $5,000 for a variable annuity to $50,000 for a Clear Income Fixed Annuity

The $30 annual maintenance fee for variable annuities can be waived for contracts valued at $100,000 or more. The combined administrative and mortality-and-expense risk fee is between 1.00% and 1.30% and the annual portfolio expenses range from 0.42% to 1.96%.

There are ways you can manage your wealth now to put you in the best place possible in your Golden Years. 

One way is by paying down your mortgage as soon as possible. Think of your mortgage as a type of savings account; instead of stock industry investments, you’re investing in the future equity in your home. Home equity is the portion of your home you own outright. 

If you have more equity in your home, you could get more cash if you auction and you would be able to take out a reverse mortgage if you decide to apply for one in retirement. 

A reverse mortgage is a type of home equity loan product typically geared toward individuals 62 or older. Unlike traditional home equity debt products, you won’t have to generate monthly payments. You won’t have to pay a cent until you move out of the house, die, stop living in the house full-time or stop making your home insurance payments or property taxes. Your loan, plus any interest, will come due within 30 days of any of those events happening. 

You typically need at least 50% equity in your home to be eligible for this type of loan. So you’ll need to start gaining equity now to be eligible for this product later. Here are two of our top picks for reverse mortgage providers.

Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.

Flex Payment HECM, Flex Payment jumbo reverse, reverse for purchase, refinancing

Up to $4 million for Flex Payment jumbo mortgages

HECM, HECM for purchase, Longbridge Platinum

$4 million for Longbridge Platinum

If you want to boost your home equity, there are two strategies: pay down your mortgage or rise your home’s value. The latter has less to do with you and more with the marketplace, so we’ll focus on what you can control.

One way to pay down your principal faster is to refinance at a lower rate and plow the cash you’re saving as a result each month into your payment. If your credit score has improved, if the rate industry has gotten better or if your current mortgage is with a lender that offers higher-than-average rates, chances are you can lower your rate, and thus your monthly minimum payment. 

For example, CNBC Select previously calculated that someone who puts 10% down on a $400,500 house (the median-priced home as of January) and takes out the remaining cost of $360,450 as a mortgage could save over $100 per month by refinancing by half a point from a 7.0% to 6.5% rate. You can utilize the difference in your monthly payment to pay down your principal amount, which can help you accrue equity faster. 

Our favorites for mortgage refinancing

If you’re looking to refinance to a lower rate, we have some suggestions. 

We like Better Mortgage largely because it’s known for its lower-than-average rates. Plus, you can roll your closing costs into the loan itself, so you don’t need cash up front to get the lower rate — but adding to your principal increases your loan overall.

Better Mortgage

Annual Percentage Rate (APR)

Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included

Types of loans

Conventional loan, FHA loan, Jumbo loan and adjustable-rate mortgage (ARM)

Terms

10–30 years

Credit needed

620

Minimum down payment

3.5% if moving forward with an FHA loan

Select also likes FourLeaf Credit Union for its low rates. Unlike most credit unions with limited membership requirements, anyone can join the credit union by depositing just $5 into a FourLeaf savings account. 

FourLeaf Federal Credit Union

Conventional, FHA, VA, jumbo, refinancing, HELOCs

Fixed: 10, 15, 20 or 30 years, ARM: 5/1, 7/1, 10/1

3% for conventional loan, 3.5% for FHA

Free rate lock for 60 days

$5 deposit for membership

Only has branches in Fresh York and Recent Jersey

Home loans not available in Texas

No USDA or home equity loans

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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can generate informed decisions with their wealth. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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