Biden’s campaign website notes that the wealthiest 20% of Americans get two-thirds of the benefits the tax code provides for 401(k) plans and other retirement accounts. He pledges to “equalize benefits across the income scale.”

The plan doesn’t get much more specific, but one way to do that would be to replace the traditional 401(k) deduction with a tax credit. That idea, long discussed among Washington policy wonks, is getting new attention as the presidential campaign heats up, and causing alarm among people who benefit from the current system.

One headline, from the political site Roll Call, said the Biden plan would “upend” traditional 401(k) plans. The Investment Company Institute, the mutual fund industry’s trade organization, issued a statement saying it “supports tax deferral” and “will oppose changes that undermine the success of this system for American savers.”

On future contributions, a 26% tax credit would cost the government about as much as the current 401(k) deduction.

Workers in the 10% or 12% tax bracket — individuals earning less than $40,000 and couples making less than $80,000 — would have a much stronger incentive to save. People in the 32% bracket or above, with incomes starting at $163,000 for singles and $326,000 for couples, would get smaller tax breaks for saving.

Not surprisingly, 401(k) participation patterns follow the incentives: Only 44% of workers earning between $25,000 and $50,000 make retirement contributions, compared with more than 80% of workers earning over $200,000.

The result is that many workers never accumulate much of a nest egg. According to Fidelity Investments, the median worker older than 60 has just $62,000 in retirement assets.

Garrett Watson, senior policy analyst at the Tax Foundation, thinks a tax credit would help low-income workers save more. “The credit is more substantial for a lot of folks,” he said. “Folks would see money on the table that they’re missing out on, and it’s more salient than losing out on the tax value of a deduction.”

The wealthy might not save less overall, but they would have an incentive to shift to a Roth 401(k), which Biden’s proposal would not touch. A Roth account provides no tax break upfront, but its earnings are never taxed.

Eugene Steuerle, a fellow at the Urban Institute, said Biden’s plan doesn’t address other complications, including how to tax early 401(k) withdrawals. The rules need to ensure that people leave the money in the account after receiving the tax credit.

It’s probably too simplistic to think one small change will dramatically improve Americans’ retirement savings picture, but the debate should start with an admission that the current system doesn’t work for everybody.

“Our private retirement savings system isn’t doing much for the majority of people,” Steuerle said.

For now, you should ignore the alarmist headlines. Biden isn’t coming after anyone’s retirement account. He’s trying to create a savings incentive that works for all workers, not just the fortunate few, and that’s a goal everyone should share.