Trump Says Retirement Accounts For Workers Without 401(k)s Are Coming Next Year—Here's How They'll Work

Key Takeaways

• A new plan floated by President Trump would provide workers who don’t have employer-sponsored plans with retirement accounts.
• These accounts will mimic the existing Thrift Savings Plan currently used by federal workers, according to the White House.
• The initiative builds on a provision in the Secure 2.0 law that would provide low-income workers with a $1,000 matching contribution to their retirement accounts beginning in 2027.

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President Trump just unveiled a policy that would provide retirement accounts next year to workers who don’t have access to 401(k)s.

“Your 401(k)s are way up. Yet half of all working Americans still do not have access to a retirement plan with matching contributions from an employer,” said President Trump at the State of the Union address yesterday.

“To remedy this gross disparity, I’m announcing that next year my administration will give these oft-forgotten American workers … access to the same type of retirement plan offered to every federal worker,” he said. “We will match your contribution with up to $1,000 each year.”

According to the White House, these new accounts will be similar to the Thrift Savings Plan, a retirement plan available to federal employees.

What This Means For You

Expanding access to these accounts could encourage more people to save retirement, and that could potentially reduce their reliance on Social Security and boost their standard of living.

The Thrift Savings Plan resembles a traditional 401(k): employees can choose from a selection of different investment options and make contributions that are automatically deducted from their paychecks.

The White House notes that these new accounts would also allow contributions from private donors and would be portable, so workers could still use them even if they switched jobs.

The $1,000 government matching contribution will be provided to workers through a provision in Secure 2.0, a federal law passed in 2022.

Related Education

Understanding the Thrift Savings Plan (TSP) for Federal Employees

How to Save for Retirement Without a 401(K)

With the Saver’s Match program in Secure 2.0, eligible low-income taxpayers will receive a matching contribution to their IRA or other retirement plan starting in 2027. Under the Saver’s Match, those who qualify will receive up to $1,000, equal to a 50% match on a $2,000 contribution.

Trump’s new proposal isn’t the first of its kind.

The Retirement Savings for Americans Act was first introduced in Congress in 2022. The bill aims to establish retirement accounts for workers without access to employer-sponsored retirement plans and provide matching contributions to low and middle-income workers. The bill was subsequently reintroduced in May 2025, although it has yet to gain traction.

Census data analyzed by the Economic Innovation Group, a bipartisan think tank, found that 42% of American workers don’t have access to a retirement plan, while more than half of those who do don’t receive an employer match. (This data excludes government and self-employed workers.)

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