Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.

Recently, President Donald Trump unveiled a proposal that would broaden retirement-saving options for Americans who currently lack access to workplace plans.

The goal is to extend retirement investment opportunities to workers without employer-sponsored programs, such as 401(k)s — a gap that often affects employees at smaller companies and lower-wage earners.

Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how

Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAP

The IRS usually taxes gold as a collectible — but this little-known strategy lets you hold physical bullion tax-free. Get your free guide from Priority Gold

“Half of all of working Americans still do not have access to a retirement plan with matching contributions from an employer,” Trump said during his State of the Union address (1). “To remedy this gross disparity, I’m announcing that next year my administration will give these often-forgotten American workers … access to the same type of retirement plan offered to every federal worker.”

He then announced that his administration would be matching contributions with up to $1,000 every year to “ensure that all Americans can profit from a rising stock market.”

His announcement doesn’t come from nowhere: Many Americans aren’t where they want to be in their retirement-saving journey. Data from the Federal Reserve’s Economic Well-Being of the U.S. Households in 2024 report shows that only 35% of non-retired adults believe their retirement savings are on track (2).

Even if the proposal doesn’t move ahead, millions of Americans are already saving for retirement without employer-sponsored plans.

Here’s where the average worker falls and what you can do if your job doesn’t offer a contribution match.

According to the Economic Innovation Group (EIG), a bipartisan public policy research firm, 42% of full-time working Americans — excluding government workers and the self-employed — don’t have access to a workplace retirement plan, while 44.1% in total do not participate in one and 50.5% of all workers don’t benefit from an employer match (3).

Furthermore, the 2025 report of the Investment Company Institute’s annual American Views on Defined Contribution Plan Saving survey found that 47% of Americans with a defined contribution retirement plan, such as a 401(k), say they probably wouldn’t save for retirement if they didn’t have an employer-matching program (4).

Workplace programs like 401(k)s can make saving easier by automatically deducting contributions from paychecks and offering employer-matched features that help workers build savings over time with less effort.

However, it’s also worth noting that those without access to workplace plans also tend to earn less. For example, the EIG reports that only a quarter of the top half of American workers by income don’t have access to a workplace plan — compared to 65.2% of the bottom half.

Trump’s proposal builds on changes already expected to roll out in the coming years, including the so-called Saver’s Match introduced in 2022 that is meant to deposit government contributions directly into eligible retirement accounts. Starting in the 2027 tax year, this program will replace the nonrefundable Saver’s Credit (5).

Under the new match program, someone who saves $2,000 annually, for example, could receive up to $1,000 in matching funds. The benefit would primarily apply to lower- and middle-income households.

Although it’s unclear at this stage exactly how the new savings accounts will work, it’s noteworthy that federal government workers are able to save through the Thrift Savings Plan, which provides low-cost investment options and matching contributions.

The savings gap that the proposal aims to address is substantial. Workers who had savings in their employer-sponsored accounts had a median balance of $40,000 as of late 2022, according to an analysis by the National Institute on Retirement Security (6).

But across all workers, including those with no savings, the balance dropped to $955.

Read More: Taxes are changing under Trump’s ‘big beautiful bill’ — 4 reasons why retirees can’t afford to waste time

Teresa Ghilarducci, an economics professor at The New School who studies retirement security, told CNBC that expanding access to match-based retirement accounts could help low-income Americans start building savings for the future (7).

“Many, many people who are left out of the system will start accumulating for retirement,” Ghilarducci said.

With how compound interest works, this could help build a foundation for a more secure retirement, especially if it develops the habit of investing early and often.

But for many households, juggling housing costs, child care, debt and other financial pressures, saving for the future may seem out of reach. Still, there are ways to begin saving even before these new accounts materialize.

One common option is to open (and invest with) an individual retirement account, or IRA, which allows workers to save on a tax-advantaged basis outside of an employer plan. For 2026, individuals can contribute up to $7,500 annually, with additional catch-up contributions available for those aged 50 and older (8).

Some savers also set up automatic transfers from their bank accounts to create the same consistency typically built into workplace retirement plans. Gradually increasing contributions (even by a little) over time, such as directing raises, bonuses or tax refunds toward savings, can also help make progress feel more manageable.

Though many may feel that putting aside small amounts for retirement won’t help, with the power of compound interest, even a small monthly contribution to your savings has the power to grow over time.

You can find room in your budget even as you shop with Acorns, a popular app that automatically invests your spare change.

Signing up for Acorns takes just minutes: Link your cards, and Acorns will round up each purchase to the nearest dollar, investing the difference — your spare change — into a diversified portfolio of ETFs managed by experts at leading investment firms like Vanguard and BlackRock.

For instance, if you buy a donut for $3.25, Acorns will round up the purchase to $4 and invest the change in a smart investment portfolio. So, that sugary treat is now a 75-cent investment in your future. If daily round-ups aren’t enough, Acorns also allows for monthly contributions so you can boost your investing power.

Even better, if you sign up today with a recurring investment, you can get a $20 bonus investment to get you started.

You can also find ways within your current budget to slash monthly or yearly expenses and direct more money toward your retirement savings.

One overlooked way to save more is to assess your current monthly and quarterly bills and look for ways to cut them. But going through your banking statements line by line can be exhausting, and that’s before you start calling around to find the best rates on line-item staples like insurance.

By using a comparison platform like Insurify, you can instantly view quotes from top-rated providers to ensure you aren’t paying a hidden “loyalty tax” to your current insurer.

Just answer a few basic questions, and Insurify will show you the most affordable deals in as little as three minutes.

Not only is the process 100% free, but you could also save up to 15% by bundling your car and home insurance.

For those who are self-employed and don’t have access to an employer retirement plan, there are also options.

Business owners and freelancers can open a One-Participant 401(k), sometimes called a Solo 401(k), which allows them to contribute both as an employee and as the employer (9). For example, in 2026, individuals could defer up to $24,500 of compensation (or more with catch-up contributions for those age 50 and older), while making additional employer contributions.

Another option is a Simplified Employee Pension (SEP) IRA, which allows self-employed workers to contribute up to the lesser of either 25% of their annual compensation or a yearly limit, which is $72,000 in 2026 (10).

In addition, workers who are self-employed should ensure they can afford to continue making monthly contributions to their retirement savings by shoring up their emergency savings funds — an insurance policy that prevents unexpected expenses from turning into disasters. After all, tapping your retirement funds to pay for a medical expense out of pocket could set you back years of progress.

Financial gurus like Dave Ramsey recommend that self-employed people have at least six months of expenses saved in their emergency funds (11).

A high-yield account like a Wealthfront Cash Account can be a great place to grow your uninvested cash, offering both competitive interest rates and easy access to your money when you need it.

A Wealthfront Cash Account currently offers a base APY of 3.30% through program banks, and new clients can get an extra 0.75% boost during their first three months on up to $150,000 for a total variable APY of 4.05%.

That’s ten times the national deposit savings rate, according to the FDIC’s March report.

Additionally, Wealthfront is offering new clients who enable direct deposit ($1,000/mo minimum) to their Cash Account and open and fund a new investment account an additional 0.25% APY increase with no expiration date or balance limit, meaning your APY could be as high as 4.30%.

With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, your funds remain accessible at all times. Plus, you get access to up to $8M FDIC Insurance eligibility through program banks.

If the rocky performance of the stock market in early 2026 has you feeling sceptical about investing, you can look to more steady performers to grow your retirement savings.

Opening a gold IRA with the help of Priority Gold can offer you the tax advantages of an IRA along with the protective benefits of investing in gold.

In other words, gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainty.

To learn more, you can get a free information guide that includes details on how to get up to $10,000 in free silver on qualifying purchases.

— With files from Victoria Vesovski

Vanguard’s outlook on U.S. stocks is raising alarm bells for retirees. Here’s why and how to protect yourself

Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’

Most Americans earn a dismal 0.39% APY on their cash at big banks. Unlock 4.05% APY and pay $0 in account fees instead with a Wealthfront Cash Account

BlackRock warns buying and holding the S&P 500 isn’t enough for retirement. Why they’re saying this approach could provide a ‘paycheck for life’

Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

@NBCNews (1); Board of Governors of the Federal Reserve System (2); Economic Innovation Group (3); Investment Company Institute (4); Pew Research Center (5); National Institute on Retirement Security (6); CNBC (7); IRS (8), (9), (10); Ramsey Solutions (11)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.