This bill would create a national retirement plan and account for workers, on top of Social Security. Money you and the government put into your account would be invested and kept for your benefit. It wouldn’t count against you when applying for federal aid if you’re under 65, and it’s clearly in addition to Social Security benefits . Each participant would have an individual account. You could put in your own contributions, and the Treasury could add a government match based on your income and how much you save, with the match strongest on the first few percent you contribute . Over time, you could take money out in different ways at retirement, similar to other plans, and there are rules for spouses and survivors like those used by the Thrift Savings Plan .

You could borrow from your account or make a withdrawal for hardship; after age 59, you could also choose to take money out. If your income later gets high enough to cross a set federal threshold, the plan would send back that year’s contributions (plus or minus investment changes), and some of that payout could be treated like an early withdrawal for tax purposes. Distributions follow Roth-style tax rules, similar to a Roth IRA .

• Who is affected: Workers who participate in the new national retirement plan; eligible savers can receive a government match tied to income and contributions .
• What changes: New personal retirement accounts with potential government matching; funds don’t count against federal benefit eligibility under age 65; options to borrow or withdraw for hardship; retirement payouts similar to other plans; Roth-style tax treatment of withdrawals .
• When: The tax credit changes tied to the government match apply to tax years beginning after December 31, 2024 .