State-run IRA programs hit a significant milestone this week. More than 1 million workers across 15 states have now saved $3 billion combined for retirement — all of them workers who previously had no access to an employer-provided retirement plan.

“The speed at which they got there tells the real story,” John Scott, retirement savings project director at Pew Charitable Trusts, told Yahoo Finance. “It took six years to reach the first billion, 18 months to reach the second, and just 11 months to reach the third.

“This isn’t just a bigger number — it’s evidence of exponential growth and a sign of what’s ahead.”

Today, the typical American worker has less than $1,000 saved for retirement, according to the National Institute on Retirement Security.

For many Americans, saving for retirement starts with having an employer-provided plan, especially one that automatically enrolls workers with payroll deductions.

The problem: Nearly half of US private-sector workers — roughly 56 million people — don’t have access to such an account.

These state auto-IRA programs have stepped in to help.

In 2017, Oregon introduced the first program. Since then, a growing number of states have passed laws to help workers save for retirement. These include Colorado, Connecticut, Maryland, Illinois, California, and Virginia.

Next year, two more states, Hawaii and Washington, will launch their plans, and at least a dozen more states, plus Washington, D.C., are currently considering legislation to create programs.

The state plans require most private employers that don't sponsor a savings plan of their own to enroll workers in a state-facilitated individual retirement account (IRA) at a preset savings rate — usually 3% to 5% of earnings — which is automatically deducted from paychecks. The plans typically ramp up an employee's contribution by 1% each year until it reaches 10% unless an employee opts out.

Eligible businesses with 50 or fewer employees can qualify for a tax credit equal to 100% of the administrative costs for establishing a retirement plan.

“These state auto-IRAs are working because they meet workers where they are,” Scott said. “Part-time employees, gig workers, people whose employers don't offer a 401(k) — these programs give them a simple, automatic path to saving that didn't exist before.”

More help is on the way for these same workers saving for retirement.

President Trump recently signed an executive order that gives private-sector workers without employer-sponsored retirement plans access to new tax-advantaged accounts similar to those available to federal employees.

He directed the Treasury Department to create an online marketplace where people can choose a plan. A worker making $35,500 a year, or $71,000 for married couples, will be able to claim up to $1,000 in matching funds from the government. The website, which is not yet live, will be at TrumpIRA.gov.

This type of plan was first authorized in 2022 with the passage of the SECURE Act. Trump's plan is based on the Savers Match program that is due to start in 2027.

Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work," and "Never Too Old to Get Rich." Follow her on Bluesky and X.

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