Trump Accounts: New Savings Option for Kids
Update: 2025-12-08
Description
Trump accounts are a new savings option for children, established by the Working Families Tax Cuts bill, with the government seeding each account with $1,000. Tech billionaires Michael and Susan Dell plan to contribute an additional $6 billion to 25 million accounts. These accounts are like IRAs for kids, with the money locked until the child turns 18, then becoming a traditional IRA. The funds can be used for anything, not just education. While there are taxes and penalties for early withdrawal, the initial government contribution and potential Dell donation make these accounts an attractive option for parents.
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