Majority of Americans Back 'Trump Accounts' for Newborns' Financial Future
A new survey from BlackRock reveals that nearly two-thirds of Americans support 'Trump accounts', a savings plan that gifts every newborn $1,000 at birth. This initiative, part of the 'One Big Beautiful Bill Act' signed by President Donald Trump, aims to boost Americans' financial future.
The 'Trump accounts' concept allows parents and employers to contribute up to $5,000 annually, with funds growing through stock market investments. Even without additional contributions, the initial $1,000 could grow to between $3,000 and $13,800 over 18 years. With maximized contributions, it could compound into a seven-figure nest egg by adulthood, according to Treasury projections.
Millions of Americans struggle with saving, with one in three lacking retirement savings and 30% unable to cover unexpected expenses. The 'Trump accounts' program offers a solution, providing children an initial $1,000 government investment at birth. Families can open an account for each child born between 2025 and 2028, with contributions capped at $5,000 annually.
A majority of Americans see trade school or college as the best use of funds from a 'Trump account'. The program, part of the Republican Party's 'One Big Beautiful Bill Act', is expected to significantly impact the financial future of American children.
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