Retirement Savings for Americans Act Aims to Cover 54 Million Workers Without Employer Plans

A bipartisan legislative effort called the Retirement Savings for Americans Act would create portable retirement accounts for the 54 million American workers who currently have no access to employer-sponsored retirement plans.

The proposal models the new accounts on the federal Thrift Savings Plan, which covers federal government employees. It would include automatic enrollment and matching benefits for eligible workers.

The White House issued an executive order in April 2026 to improve retirement access, but advocates say the order alone is not enough. Congressional action is required to implement the automatic enrollment and matching provisions that would make the accounts effective for low- and middle-income workers.

The retirement access gap falls hardest on part-time workers, gig workers, and employees at small businesses that do not offer 401(k) plans. Without access to tax-advantaged savings vehicles, many of these workers rely entirely on Social Security in retirement.

Lawmakers have also proposed creating commissions to address the impending Social Security funding shortfall. The American Association of Retired Persons has opposed efforts to "fast-track" changes to the program, arguing that any modifications should go through a full legislative process with public input.

Fidelity data released in 2026 estimates that retirees may spend approximately $185,500 on healthcare costs during retirement, underscoring the financial stakes for workers who reach retirement age without adequate savings.

Wealth management experts say the shift toward portable accounts reflects a broader recognition that the traditional employer-based retirement system leaves too many workers behind, particularly those who change jobs frequently or work in sectors with high turnover.