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Lights! Camera! Activate Trump accounts!
Contributions are now flowing after the Treasury Department launched its much-anticipated Trump account app this week. Any child under the age of 18 with a Social Security number can participate, and US citizens born between January 2025 and December 2028 can receive a $1,000 government deposit. Maximum annual contributions are set at $5,000, with the money automatically invested in low-cost index funds. It's a fantastic approach to savings, according to Adam Bergman, a tax attorney and founder of IRA Financial, one that will give millions of young Americans a financial head start by the time they reach adulthood. The biggest impact of the accounts, though, could actually be felt many decades down the line, when the emerging generation of Americans is ready to retire.
"These new accounts are a way for families to supercharge their kids' retirement savings," Bergman told Retirement Upside. "Thousands of dollars invested at a very early age could easily grow to millions by the time someone turns 60 or 65."
Sign up for The Daily Upside at no cost for premium ******* ysis on all your favorite stocks.
Lights! Camera! Activate Trump accounts!
Contributions are now flowing after the Treasury Department launched its much-anticipated Trump account app this week. Any child under the age of 18 with a Social Security number can participate, and US citizens born between January 2025 and December 2028 can receive a $1,000 government deposit. Maximum annual contributions are set at $5,000, with the money automatically invested in low-cost index funds. It's a fantastic approach to savings, according to Adam Bergman, a tax attorney and founder of IRA Financial, one that will give millions of young Americans a financial head start by the time they reach adulthood. The biggest impact of the accounts, though, could actually be felt many decades down the line, when the emerging generation of Americans is ready to retire.
"These new accounts are a way for families to supercharge their kids' retirement savings," Bergman told Retirement Upside. "Thousands of dollars invested at a very early age could easily grow to millions by the time someone turns 60 or 65."
Sign up for The Daily Upside at no cost for premium ******* ysis on all your favorite stocks.
18 days ago
