3 Things Parents Need to Know About New $1K ‘Trump Accounts’ for Kids

“Trump Accounts”, a new savings pilot program, provides eligible children with a $1,000 government seed contribution and allows up to $5,000 in annual after-tax contributions. Erin Koeppel, Managing Director of Government Relations and Public Policy Counsel at CFP Board, explained that whether opening a “Trump Account” makes sense depends on individual family circumstances, noting that 529 education-savings accounts may be more tax efficient for college expenses.

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