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Trump Accounts automatic enrollment covers 70 million children

Summarised from 2 outlets · Updated 8 Oct, 21:24 · Archive

President Trump announced automatic enrollment of all eligible children under 18 in government investment accounts known as Trump Accounts.

President Trump announced Wednesday that automatic enrollment now applies to all eligible children under 18 with valid Social Security numbers in Trump Accounts, government investment savings accounts. The accounts, which invest money in the stock market on a child's behalf, were launched in July and now cover approximately 70 million children, up from 8 million created since launch.

Parents and guardians must formally activate the accounts to use them, either through the programme's website at trumpaccounts.gov or via mobile app. Eligible babies and newborns receive a one-time $1,000 contribution from the Treasury Department once their account is claimed. Additional contributions require parental funding, with parents able to contribute up to $2,500 annually in pretax income, similar to retirement accounts.

Employers, relatives, friends, local governments and charitable organisations can also contribute to the accounts. Children cannot access funds until they turn 18, at which point the money can be used only for specific purposes: paying tuition, starting a business or making a down payment on a home.

Trump Accounts automatic enrollment covers 70 million children
Image: News4Jax

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In this story: President Trump · United States Treasury Department · United States

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