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The US Government announced a new federal program for people with low and moderate incomes. According to the Internal Revenue Service (IRS), the program will match up to 50% of the money eligible recipients save for retirement.
The Saver’s Match program is intended for long-term savings. Withdrawals made before age 59½ may be subject to additional taxes and restrictions.
New retirement savings match from the IRS to eligible recipients
To help Americans and permanent residents who pay taxes to the IRS, authorities rolled out a new program to match up to 50% of the money people save for their retirement.
The Saver’s Match benefit will apply to retirement contributions made starting January 1, 2027. However, eligible beneficiaries will begin receiving the government’s contribution in 2028, when they file their tax returns for the 2027 tax year.
If a person is eligible for the program, they can claim the Saver’s Match when filing the 2027 federal tax return in 2028.
“The federal government matches up to 50% of what you contribute – a match of up to $1,000 per person each year deposited directly into your designated retirement account. For married couples filing jointly, the match applies to each spouse. Matching funds will go into a retirement plan or IRA and grow alongside your own contribution,” the IRS says.
Who is eligible for the Saver’s Match?
The benefit is not automatic for all American workers. It is designed for people with low or moderate incomes who meet certain requirements:
- Be at least 18 years old by the end of the tax year.
- Contribute to an eligible retirement plan, such as a 401(k) or an IRA.
- Not be claimed as a dependent on someone else’s tax return.
- Be a US resident for tax purposes.
- Not meeting the tax definition of a student that excludes them from the program.
Additionally, the government’s contribution rate depends on income and filing status. Those who exceed certain income limits will not qualify for the benefit.
Income limits determine the matching rate
Eligibility for the Saver’s Match and the percentage of the government contribution depend on your modified adjusted gross income (MAGI) and tax filing status.
MAGI starts with your adjusted gross income (AGI) and adds certain excluded or deducted amounts, including pre-tax retirement contributions and certain excluded foreign income. As income increases, the matching rate decreases.
Can you qualify for both the Saver’s Credit and Saver’s Match?
Generally, taxpayers cannot receive both benefits for the same retirement contributions. For the 2027 tax year, the Saver’s Match replaces the Saver’s Credit for eligible retirement contributions.
However, taxpayers who make eligible contributions to an ABLE account may still qualify for the Saver’s Credit, since the Saver’s Match does not apply to these accounts.