Trump targets 'big insurance' and retirement inequity in State of the Union Address

"We will match your contribution with up to $1,000 per year," Trump said.

The retirement proposal: Details about Trump's retirement plan proposal did not appear to be widely available at press time.

The proposal could be based on the bipartisan Retirement Savings for Americans Act of 2025 bill.

Related: Congress reintroduces 'portable' federally-run retirement plan bill for private sector workers

Kevin Hassett, the director of Trump's White House National Economic Council, wrote a paper that helped create the framework for the RSAA bill.

The RSAA bill would let eligible workers contribute a federally run plan that would be much like federal employees' Thrift Savings Plan, according to Sen. John Hickenlooper, D-Colo., one of the sponsors of the bill in the Senate.

The plan would enroll eligible workers automatically. Accounts would be attached to workers throughout their lifetimes, and workers could pass unused cash on to heirs.

Hickenlooper introduced the RSAA bill in the Senate together with Sen. Thom Tillis, R-N.C.

Rep. Lloyd Smucker, R-Pa., and Rep. Terri Sewell, D-Ala., introduced a companion bill in the House.

Charles Schwab and representatives for AARP provided statements in support of the RSAA bill when it was introduced.

Health proposals: The president also talked during the speech about efforts to lower the cost of health care and health insurance.

He continued to ask Congress to have federal health insurance subsidy cash flow to individual consumers, rather than directly to health insurers.

Related: Trump calls for direct cash health payments to consumers while signing anti-shutdown bill

"Since the passage of the 'Unaffordable Care Act,' sometimes referred to as 'Obamacare,' big insurance companies have gotten rich," Trump said.

The program "was meant for the insurance companies, not for the people," he said.

If subsidy money goes directly to the people, the people "can buy their own health care, which will be better health care at a much lower cost," Trump added.

Promoting price transparency in health care is also important, Trump said.

Trump predicted that prices of prescription drugs will fall as the result of initiatives such as the TrumpRx.gov program, which helps drug manufacturers give discount coupons to consumers, and the "most favored nations" price-setting strategy.

New federal most-favored-nation rules require drug manufacturers to offer Medicaid programs prescription drug prices that are as low as the lowest prices for the drugs available in other developed countries.

Trump asked Congress to make the most-favored-nation drug pricing rules federal law.

Reactions: David Chavern, the president of the American Council of Life Insurers, welcomed the attention Trump gave to retirement savings.

"More than 30 million Americans will turn 65 in the next five years," Chavern said. "Many fall short on saving for retirement. Helping people build financial security through retirement is a priority for life insurers."

The Council for Affordable Health Coverage objected to use of most-favored-nation drug price-setting strategies and other efforts by the government to control drug prices.

The results of all government price-setting efforts are "stifled competition, fewer high-paying jobs, reduced access, and, ultimately, increased health care costs," the council said.

But the council praised Trump's interest in giving consumers the cash to shop for coverage.

"Put patients — not corporations — at the center of health reform," the council said. "For too long, massive insurance companies and health systems have restricted choice and inflated prices in communities across the country."

Steven Anderson, the president of the National Association of Chain Drug Stores, said his group hopes the Trump administration will work to implement and enforce the new federal pharmacy benefit manager reporting laws.