President Trump announced a new retirement savings plan during his State of the Union address that would create new retirement accounts for American workers who lack employer-sponsored plans, with federal matching contributions of up to $1,000 per year.

Roughly 56 million Americans currently lack access to a workplace retirement plan. The new accounts would be modeled on the Thrift Savings Plan used by federal employees, offering low-fee index fund options and portability between jobs.

The proposal builds on the SECURE 2.0 Act, which already includes a Saver's Match provision set to take effect in 2027. That program offers eligible lower-income workers a 50% government match on up to $2,000 in annual contributions.

Treasury Secretary Scott Bessent said the proposal would be rolled out “in the coming weeks and months,” framing the initiative as a tool to help working Americans “who have been left behind.”