Once a child turns 18, they can use the money for college, career readiness or even a down payment on a house
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(Nationwide) - Families are now able to open Trump Accounts for their children.
Trump Accounts are federally sponsored, child-focused investment accounts (for those 18 and under) that function like custodial IRAs for long-term wealth building.
Once a child turns 18, they can use the money for college, career readiness or even a down payment on a house. Through the federal Working Families Tax Cuts Act, American children born between Jan. 1, 2025-Dec. 31, 2028, who enroll in Trump Accounts will receive $1,000 in index funds to kickstart the investment.
Thanks to an additional contribution from Michael and Susan Dell, the first 25 million American children age 10 and under living in ZIP codes with median incomes below $150,000 will receive $250 as well. For Hoosier children, Brad Gerstner, CEO of Altimeter Capital, pledged to invest another $250 into Trump Accounts for all kids under 5 years old.
Families can open accounts by visiting TrumpAccounts.gov or downloading the Trump Accounts app. The accounts are designed to grow over time, potentially reaching significant amounts by retirement age. You can contribute $5,000 annually to maximize growth, though no annual contribution is required, and the fund will continue to grow on its own.
"I encourage parents, neighbors, educators and community members to take advantage of this opportunity to help build a brighter future for our children and give them a head start as they pursue the American Dream," said Indiana State Rep. Garrett Bascom.
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