By COLlive Reporter
A new federal savings initiative is offering families a significant head start on their child’s financial future, with a $1,000 government contribution for eligible newborns and the potential for substantial tax-deferred growth over time.
Families who have a child born between 2025 and 2028 may qualify for a $1,000 federal contribution into what is being called a “Trump Account” established for the child.
In addition to the initial $1,000 seed funding, the program allows employers to contribute up to $2,500 per year, tax-free, to the child’s account.
Financial projections shared in connection with the program suggest that families who take full advantage of both the free $1,000 seed contribution and the annual $2,500 tax-free employer contribution could see the account grow to well over $100,000 by the time the child turns 18, depending on investment performance.
“The initiative is designed to encourage long-term savings and provide families with a structured way to build financial security for their children from birth,” said Yisroel Meroz, CPA.
“Parents of children born during the eligible years are encouraged to explore the details of the program and consult with a qualified financial professional to determine eligibility and understand how the account may fit into their overall financial planning strategy.”
To apply, visit http://www.trumpaccounts.gov/
For more information contact Yisroel Meroz, CPA www.merozcpa.com
I had my taxes done by Yisroel he is amazing😀😀😀
Thank you!!
If every Family put $1000 in bitcoin the day their child was born, it would pay for their expenses from From the age of 10 years old all the way to the age of 25 years old including their marriage and you wouldn’t even have to sell your bitcoin. You could borrow against it just like the wealth you do. It’s called buy borrow die.
But understanding bitcoin is so much work that most of us will never put in the time to learn about it and unfortunately lose out on this unbelievable future potential
Don’t do bitcoin.
Invest in a Custodial Roth IRA. Invest through Vanguard S&P500
Assume earning around 12% back every year.
And it will help their future very much!
No NO!
Put it into a HYSA. Let it GROW!
Will it affect Pell Grant eligibility?
This will have no impact on eligibility
This mentality of fearing to lose other government grants by applying for a different one, is so sad. It’s truly a poor man’s mentality. We need Moshiach now.
We use Yisroel for all of our real estate and airbnb holdings and he is great, trustworthy and really smart and by the book. He has saved us thousands and easy to work with.
Thank you!!
If you’re looking for an accountant, yisroel the person to go too! I use him for my taxes and really appreciate how he’s always on top of the ways to save me to most money!
Thank you!!