President Donald Trump is expected to sign an executive order Thursday aimed at expanding access to retirement savings for workers who lack employer-sponsored plans such as a 401(k), White House officials confirmed to CNBC.

The move revives and formalizes a proposal Trump first introduced during his State of the Union address in February, when he suggested new retirement accounts backed by federal matching contributions of up to $1,000.

Closing the retirement gap for millions of workers

The initiative targets a major gap in the U.S. retirement system. Roughly 56 million Americans currently do not have access to an employer-sponsored retirement plan, according to 2025 research from the Pew Charitable Trusts, an independent policy organization.

The executive order, first reported by Semafor, will align with the “Saver’s Match” provision included in the 2022 Secure 2.0 retirement law. That program is scheduled to take effect in tax year 2027.

How the Saver’s Match would work

Under the framework, single taxpayers earning up to $20,000 — or joint filers earning up to $40,000 — would be eligible for a government match equal to 50% of contributions, capped at $2,000. That translates into a maximum annual federal match of $1,000.

For individuals earning between $20,000 and $35,000, the benefit phases down gradually.

A 2025 analysis from Morningstar projected that eligible workers could see a 12% increase in retirement wealth over time if the match is fully utilized.

Millions still unable to access benefits

Even with the program in place, about 26 million full- and part-time workers who would qualify for at least partial benefits still lack access to a retirement plan that would allow them to claim the match, according to the Economic Innovation Group, a bipartisan policy organization.

That gap has become a central concern for policymakers seeking to modernize retirement security as traditional employer-based systems shrink.

Policy experts push for permanent expansion

Teresa Ghilarducci, a labor economist at The New School, said the initiative represents a long-needed step toward a more universal retirement system alongside Social Security.

She said the executive order will direct the White House to work with Congress on expanding both eligibility and the size of the savings credit, turning the policy into legislation that could outlast any single administration.

That, she added, would make the reform more durable: “It’ll make this effort stickier, because it’ll be a congressional action, not just from a president.”