New Trump accounts give $1,000 to babies born in US through 2028 | Fox Business (pre loaded with $$$)
Goldman Sachs CEO praises initiative designed to teach future generations about 'the power of investing'
The One Big Beautiful Bill Act, recently signed into law by President Donald Trump, allows millions of babies born in the U.S. to receive a $1,000 "Trump Account."
These accounts, which are created by the government for those under 18 years old, are designed to help young people start investing early.
"This will afford a generation of children the chance to experience the miracle of compounded growth and set them on a course for prosperity from the very beginning," the White House said.
Children born between Jan. 1, 2025 and Dec. 31, 2028 are eligible for a one-time $1,000 payment into their Trump Accounts, courtesy of the federal government.
Parents and relatives can contribute up to $5,000 each year into the account until the child turns 18 years old. After 2027, the $5,000 number may be adjusted for inflation.
Parents' employers can also contribute, according to the bill.
The child can access the money, which must be invested in low-cost stock mutual funds or exchange-traded funds like the S&P 500, once they turn 18 years old. |
