This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

It can be hard to budget for retirement savings.

But it can be especially hard without a 401(k).

Not only are there are no automatic payroll contributions or employer matches to motivate participation, but savers have to choose an Individual Retirement Account (IRA) on their own.

In fact, while 91% of U.S. workers who had access to a 401(k) or similar workplace plan in 2024 were saving for retirement, the same could be said of just 56% of workers who didn’t have access, according to a survey by the Transamerica Center for Retirement Studies.

This decisive gap is why the federal government has set its sights on the estimated 56 million Americans who don’t get retirement benefits through their jobs. Next year, two separate initiatives — TrumpIRA.gov and a “Federal Saver’s Match” — are aimed at getting more gig workers, contractors, and the self-employed to save for their retirement.

TrumpIRA.gov

Set to launch by Jan. 1, 2027, TrumpIRA.gov will serve as a directory of government-vetted IRAs. This new federal website will highlight private-sector IRAs that meet certain standards for cost and quality, effectively acting as a marketplace or comparison shopping tool for savers.

Established by presidential executive order last month, this effort is not to be confused with the “Trump Account,” a new type of tax-advantaged savings vehicle for children. TrumpIRA.gov will promote existing IRAs, not create a new one.

The Federal Saver’s Match

The Saver’s Match is a matching retirement contribution of up to $1,000. It was created by the SECURE 2.0 Act, a retirement law passed in 2022, but doesn’t take effect until next year.

This match will replace the current Saver’s Credit, a relatively little-known tax credit claimed by only 5.7% of taxpayers in 2021, according to IRS estimates. Both target lower-income taxpayers, but the tax credit reduces tax liability while the match is deposited into qualifying retirement accounts.

The match is intended to benefit a wider group: Eligible savers contributing at least $2,000 to their retirement accounts will be able to take the full $1,000 Saver’s Match, while the full Saver’s Credit can only be taken by taxpayers who owe at least $1,000 in income tax. (In 2021, that meant the average Saver’s Credit was only $191.)

As of now, you’ll qualify for the Saver’s Match if you have:

•   Modified adjusted gross income (MAGI) of up to $20,500 as a single filer (reduced match up to $35,500)

•   MAGI of up to $41,000 as a married couple filing jointly (reduced match up to $71,000)

But in his executive order, President Trump indicated he hopes to expand the match to all Americans.

“To take it to the next level, we need Congressional approval, which should be very easy to get,” he told the press while signing the order.

Related Reading

3 Tools to Build Retirement Savings Before the TrumpIRA Starts (CNBC)

The Sleeping Giant of Retirement Savings (SoFi)

Americans’ Retirement Accounts – and Hardship Withdrawals – Hit New Highs (World Economic Forum)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM20260520SW