Summary
President Trump introduced the Trump Accounts program to provide $1,000 in retirement savings for new babies born in the United States. JPMorgan Chase and Bank of America will match this government contribution for their eligible employees. Children born between 2025 and 2028 can benefit from the program.
Key Facts
- The Trump Accounts program offers $1,000 government contributions to qualifying children's retirement savings accounts.
- Parents can enroll using the IRS Form 4547 available on IRS.gov.
- The accounts invest in low-cost U.S. stock index funds and can't be accessed until the child turns 18.
- JPMorgan Chase and Bank of America will match the $1,000 for their eligible employees.
- Rapper Nicki Minaj pledged to donate $150,000 to $300,000 to support the Trump Accounts.
- The accounts begin receiving funds on July 4.
- Children born from January 1, 2025, to December 31, 2028, are eligible.
- Susan and Michael Dell pledged $6.25 billion for children aged 10 and under.
