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International Business Times UK
International Business Times UK
Niloy Chakrabarti

56M US Workers Could Benefit From Trump's New 401(k) Plan With $1K Annual Federal Matching

Donald Trump Teresa Ghilarducci Pew Charitable Trusts
New retirement plans could be similar to the Thrift Savings Plan. (Credit: tiago tins/Pexels.com)

President Donald Trump has moved to bridge the American retirement gap by proposing a state-backed 401(k) style plan for 56 million workers currently without workplace savings.

Unveiled during his State of the Union address on 24 February 2026, the initiative pledges a federal matching contribution of up to $1,000 per year for eligible savers.

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