Summary
President Donald Trump is set to announce a new savings program called 'Trump accounts' aimed at helping American children save money. The initiative will receive a significant donation from Michael Dell and will open for children under 18 starting in mid-2026.
Key Facts
- President Donald Trump will announce the 'Trump accounts' savings initiative for American children.
- The program is designed to help children build financial assets early in life.
- Michael Dell and his wife Susan are donating $6.25 billion to the program.
- Each donation will give $250 to about 25 million children under the age of 10.
- Children born between 2025 and 2028 will get a $1,000 grant from the federal government for these accounts.
- Trump accounts will be similar to an IRA but specifically for young people, and withdrawals can only occur after turning 18.
- The funds can only be invested in low-cost, diversified U.S. stock index funds.
