New Delhi, Feb. 25 -- President Donald Trump announced a new economic proposal for American citizens during his State of the Union address to Congress on Tuesday, unveiling a plan designed to significantly expand access to retirement savings.

The initiative aims to support millions of workers who currently lack employer-sponsored retirement plans. Under the proposal, the White House plans to offer up to $1,000 a year in matching funds, Fortune reported.

"My administration will give these forgotten American workers, great people, people that built our country, access to the same type of retirement plan offered to every federal worker," Trump said during his address on Tuesday. "We will match your contribution with up to $1,000 each year....