India, May 1 -- US President Donald Trump has signed an executive order aimed at expanding access to retirement savings for millions of Americans who do not have employer-sponsored plans like 401(k)s. Announcing the move at the White House, Trump said the initiative is designed to make retirement tools more widely available.

"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.

The plan is primarily aimed at workers who do not currently have access to employer-provided retirement accounts, a group that includes an estimated 56 million Americans, according to Pew Research.

Low-income individuals are expected to benefi...