During Tuesday's State of the Union address, President Donald Trump announced a new "401(k) for All" program that would extend retirement benefits to workers who don't currently have access to employer-sponsored plans. The federal government would match contributions up to $1,000 per year.

On the surface, this sounds great. Millions of Americans work for small businesses or gig economy platforms that don't offer retirement plans. Giving them access to the same tax-advantaged savings that white-collar workers take for granted is good policy. The $1,000 match is real money—especially for lower-income workers who are trying to scrape together retirement savings.

But as with most political announcements, the devil is in the details. And Trump's speech provided almost none of them.

Here's what we know. The program would target what Trump called "forgotten American workers" without access to retirement plans. The model would mirror benefits already available to federal employees. The government would match up to $1,000 annually for eligible workers.

Here's what we don't know: Who's eligible? How do you prove you don't have access to an employer plan? What if you're self-employed or a gig worker—do you qualify? How is this funded? Does the $1,000 match come from general revenues, or is there a new tax to pay for it? What happens if you withdraw money early—do you lose the match? Are there income limits?

Those aren't nitpicky questions. They're the difference between a transformative policy and political theater.

Let's start with the cost. The U.S. has roughly 85 million workers without access to employer retirement plans, according to Pew Research. If even half of them sign up and max out the $1,000 match, that's $42.5 billion per year. Where's that money coming from?

Trump didn't say. He linked the retirement proposal to broader economic growth and rising stock markets, then pivoted to calling for a ban on congressional insider trading. The actual funding mechanism? Not mentioned.

The optimistic scenario is that this is a real policy with bipartisan support. Democrats have long pushed for expanding retirement access. Republicans like the idea of personal ownership and reducing reliance on Social Security. A $1,000 federal match could genuinely help millions of workers build retirement savings. If it's means-tested—say, phasing out for higher earners—the cost becomes more manageable.

The pessimistic scenario is that this is a headline with no follow-through. Remember Trump's first term? He promised a middle-class tax cut before the 2018 midterms. It never materialized. He promised an infrastructure plan. Never happened. He promised to replace the Affordable Care Act with "something terrific." Still waiting.

Politicians love announcing new benefits without explaining how to pay for them. It's especially easy in a State of the Union, where the optics matter more than the policy. If Congress doesn't pass enabling legislation, this goes nowhere.

Here's the investor angle. If this program actually happens and millions of new workers start contributing to 401(k)-style accounts, that's a massive influx of capital into the stock and bond markets. Vanguard, Fidelity, and Schwab would be the biggest winners—they run the infrastructure for most workplace retirement plans. Index funds would see huge inflows. The market impact could be measurable.

But here's the catch: those workers have to actually contribute. A federal match is an incentive, but if you're living paycheck to paycheck, saving for retirement isn't a priority. Studies show that automatic enrollment dramatically increases participation, but this doesn't sound like automatic enrollment. It sounds voluntary.

And if participation is low because people can't afford to contribute, the program becomes a subsidy for workers who were already saving. That's not nothing—$1,000 is $1,000—but it's not the transformative expansion of retirement security that the rhetoric suggests.

What should you do if you're one of the 85 million workers without a retirement plan? First, wait for actual details. Don't make financial decisions based on a State of the Union speech. Second, if you don't have access to a 401(k), you can already open an IRA and contribute up to $7,000 per year ($8,000 if you're over 50). There's no employer match, but the tax benefits are the same.

If Trump's program passes and you qualify, great—free money. But don't wait around hoping Congress gets its act together. Start saving now.

This could be a genuine policy win that helps millions of Americans retire with dignity. Or it could be another empty promise that sounds good on TV and goes nowhere. My money—literally—is on the latter until I see legislation.