Trump Accounts: New Savings Tool for Kids
Update: 2025-12-05
Description
President Trumps new budget bill, signed on July 4, 2025, introduces Trump accounts for children under 18, offering a $1,000 initial deposit for parents of U.S. citizens born between 2025 and 2028. Meanwhile, Michael Dell and his wife donate $6.25 billion, providing a $250 initial deposit for children under 10 in specific zip codes. These accounts, similar to five two nine college savings plans, can be used for higher education expenses without penalties, transitioning into individual retirement accounts once beneficiaries turn 18. Financial planner Michael Green emphasizes the importance of aligning savings strategies with individual goals and capacity to save.
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