More than 56 million Americans don't have access to a retirement plan through their employer. For many
In April 2026, President Donald Trump signed an executive order aimed at connecting more Americans with retirement savings options. The order establishes
If you’re wondering how your current retirement plans could be affected, here's what the new executive order means, what is already in place and what you can do today to strengthen your retirement strategy.
Why does the retirement coverage gap matter?
The retirement coverage gap refers to the millions of workers who lack access to an employer-sponsored retirement plan such as a
These groups tend to include:
- Employees of small businesses
- Freelancers
- Gig workers
- Independent contractors
- Part-time workers
- Seasonal workers
- Self-employed individuals
The coverage gap is not a new problem. For decades, retirement savings in the United States have been closely tied to employment. Workers who have access to a workplace retirement plan often benefit from automatic payroll deductions, employer-matching contributions and structured savings opportunities.
Those without workplace plans must typically take the initiative. While retirement accounts such as traditional IRAs and Roth IRAs are widely available, opening and consistently funding them requires additional effort.
As a result, nearly half of Americans fall behind and worry that they won't be financially prepared for retirement. The challenge isn't always a lack of desire to save. Sometimes the retirement coverage gap stems from a lack of convenient access, uncertainty about the retirement savings process or not feeling confident enough to manage retirement savings on their own. That can lead to some
What does the executive order actually do?
The
The new platform is not a new government retirement account. Instead, it functions more like a marketplace or directory for private financial institutions that offer qualifying retirement accounts. Eligible IRA providers listed on the platform must maintain an overall net expense ratio of no more than 0.15%.
Although that ratio cap may sound low, fees matter, too. Investment expenses reduce returns over time, and even modest differences in annual fees can have a meaningful impact over decades of
For example, let’s say you and a colleague have identical balances in an IRA for self-employed people. However, her IRA account is free while you’re paying maintenance and custodial fees, transaction fees and
How to qualify for the Saver’s Match
The executive order is also a refresher on how to qualify for the Saver’s Match, an already-established federal retirement savings incentive under the SECURE 2.0 Act. With the Saver’s Match, you may be eligible for government matching while contributing to retirement accounts.
Together, the executive order and Saver’s Match aim to encourage more Americans to begin saving for retirement, specifically those who currently lack workplace retirement benefits.
Is the Saver’s Match already a law?
The Saver’s Match is likely to be the most significant part of these retirement savings changes because it’s already law. Unlike TrumpIRA.gov, which still requires implementation by federal agencies, the Saver’s Match will replace the current Saver’s Credit beginning in 2027.
The existing Saver’s Credit, also known as the
For example, let’s say you’re a single filer who made $25,000 annually and contributed $2,000 to a Roth IRA. That would place you in the 20% Saver’s Credit tier. Because your credit equals 20% of your qualifying contribution, you’d receive a $400 tax credit. If you owed $1,200 in federal income taxes, the credit would reduce your tax bill to $800.
However, lower-income workers who receive limited benefits still may not owe enough taxes to even utilize the credit. Using the same example above, if you owed no taxes and were getting a federal tax refund, you would get $0 in credits.
How the Saver’s Match works
The
Under current law, qualifying individuals may receive a federal match of up to $1,000 annually. Married couples filing jointly could potentially receive up to $2,000.
2027 Saver’s Match income limits | |||
| Filing status | Full 50% match | Phase-out range | No match |
| Single, married filing separately or qualifying surviving spouse | $20,500 | $20,501–$35,499 | $35,500 |
| Head of household | $30,750 | $30,751–$53,249 | $53,250 |
| Married filing jointly | $41,000 | $41,001–$70,999 | $71,000 |
Potential 2027 Saver’s Match by contribution | |
| Your retirement Contribution | Federal match (50%) |
| $500 | $250 |
| $1,000 | $500 |
| $1,500 | $750 |
| $2,000+ | $1,000 maximum |
How much you receive depends on both your income and your retirement contribution.
Hypothetical example (single filer): If you made $25,000 and saved $1,500 in a Roth IRA, you’d be eligible for a federal match of $525. Here’s how:
$35,500 no-match − $20,500 full match = $15,000
- Your income = $25,000
- Phase-out starts at $20,500
- Amount into phase-out range = $25,000 − $20,500 = $4,500
Then:
- $4,500 ÷ $15,000 = 30% of the phase-out range used, 70% remaining to match
- Your Roth IRA savings = $1,500
- Full match would have been $750
- Estimated remaining match from your Roth IRA savings = $750 × 70% = $525
This program is intended to support low- and moderate-income workers who are actively contributing to retirement accounts. To be eligible, you must fall under the program’s income limits and contribute to a qualifying retirement account.
The Saver’s Match is scheduled to become available beginning in 2027.
What still needs to happen with the executive order for IRAs?
Although the executive order establishes a clear direction to help fix the retirement coverage gap, additional work remains before the new IRA platform launches. The Treasury Department must establish provider standards, identify eligible IRA providers and oversee implementation of the new platform.
It’s also important to distinguish between what the executive order can accomplish and what requires congressional approval. The executive order directs federal agencies to create the TrumpIRA.gov platform. However, broader proposals to expand retirement savings access, including the Retirement Savings for Americans Act and the
While retirement security often receives bipartisan support, predicting whether any specific bill will pass is uncertain. Legislative timelines can change quickly, and policy priorities may shift.
Regardless,
What can you do now to strengthen your retirement savings without a 401(k)?
First, if you’re looking for ways to build retirement savings without a 401(k), don’t wait until 2027 to get started. While federal initiatives are underway to help address the retirement coverage gap, a financial advisor can help you determine which opportunities are available to you today.
Several retirement account options can help you start saving now, including:
Traditional IRAs Roth IRAs SEP IRAs SIMPLE IRAs Solo 401(k) plans for self-employed individuals
An IRA for self-employed workers can provide tax advantages and long-term growth opportunities even without access to a traditional workplace retirement plan.
You also may want to determine whether you qualify for today’s Saver’s Credit, which remains available until the Saver’s Match takes effect. A financial advisor can help you customize and evaluate available account types, contribution strategies,
What does this mean for your retirement plan?
The new executive order is intended to help close the retirement coverage gap. But independent contractors, self-employed professionals, part-timers and seasonal workers don’t have to wait until the website is finalized to save. The Saver’s Match—already enacted through the SECURE 2.0 Act—offers an incentive for eligible workers who contribute to retirement accounts beginning in 2027.
If you’re on track to retire without a 401(k), a
