No 401(k) From Your Employer? A New Federal Retirement Account Could Help

Millions of American workers do not have access to a retirement plan through their employer.

A new federal proposal aims to change that by creating a portable retirement account for workers who currently lack a 401(k) or pension.

The idea was highlighted during the 2026 State of the Union Address and could expand retirement savings options for millions of people.

A Retirement Account That Follows You From Job to Job

The proposal would create a retirement account modeled after the Thrift Savings Plan (TSP), which is currently used by federal employees and members of the military.

Unlike many workplace plans, the account would be portable, meaning it would stay with the worker even if they change jobs.

Key features could include:

• A national retirement account for workers without employer plans

• Low-cost investment options, similar to those offered through the TSP

• Accounts that follow workers throughout their careers

• Investments based largely on broad index funds

The goal is to help workers build retirement savings even if their employer does not offer a plan.

Why This Proposal Matters

Today, about half of private-sector workers do not have access to a workplace retirement plan.

Without automatic payroll savings options like a 401(k), many workers find it harder to consistently save for retirement.

A universal retirement account could help close that gap and make long-term investing more accessible.

Read: Alaska Residents Could Receive $1,000 Payments in 2026 — Here’s Who May Qualify

A New Federal “Saver’s Match” Starting in 2027

Another key part of the proposal involves the Saver’s Match, created under the SECURE 2.0 Act of 2022.

Beginning in 2027, eligible workers could receive a government match on their retirement contributions.

Here’s how it may work:

• Workers contribute up to $2,000 per year

• The federal government provides a 50% match

• The maximum federal contribution could reach $1,000 annually

Instead of a tax credit, the government contribution would be deposited directly into the retirement account.

Who Could Qualify for the Match

The program is designed mainly for low- and moderate-income workers.

For the 2027 launch, the full match may apply to:

• Single filers earning under $35,500

• Married couples earning under $71,000 combined

Workers would need to contribute their own savings to receive the federal match.

What Could Happen Next

Government agencies like the U.S. Department of the Treasury and the Internal Revenue Service are expected to release additional guidance as the program develops.

If implemented, the proposal could become one of the largest changes to U.S. retirement policy in decades, helping millions of workers begin saving for the future, even if their job does not offer a traditional 401(k) plan.

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