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Tens of millions of tax-advantaged Trump Accounts have been created for American children, with many created automatically, which will require parents and guardians to claim the account for a given child.
Trump Accounts are investment accounts created for children under the age of 18, which include a one-time $1,000 contribution from the federal government for citizens born between Jan. 1, 2025, and Dec. 31, 2028. Some additional seed from private donors is available to children of specific ages.
The Treasury Department said in early October that nearly 70 million Trump Accounts have been created since the program officially launched on July 4, including over 60 million that were created through an automatic enrollment process.
While accounts have been created for eligible children under the age of 18, parents and guardians who serve as the account custodians still have to go through the process of claiming the account to manage it and receive the seed contribution.
SOCIAL SECURITY BEGINS SENDING NEW $1,000 TRUMP ACCOUNT NOTICES TO PARENTS OF NEWBORNS
Parents and guardians who want to claim their child’s Trump Account can do so using the Trump Accounts App, which is available on mobile platforms through the Apple App Store for iOS users and Google Play for those using Android.
Users going through the claiming process will have to verify their identity, confirm their relationship to their child, review the child’s information and accept the terms of the account.
The process also gives those who are the custodian of an eligible child’s account the ability to claim the one-time $1,000 seed contribution from the Treasury Department.
PRESIDENT CELEBRATES AUTOMATIC ENROLLMENT OF 70 MILLION TRUMP ACCOUNTS FOR CHILDREN
After a Trump Account is claimed, the account custodian can enable contributions from family members, friends and eligible employers.
Under the One Big Beautiful Bill Act, up to $5,000 per child per year may be contributed to a child’s Trump Account. Account custodians can use the app to share a code with family and friends to contribute directly to a child’s account. Contributions can also be made using a debit card, which can take several days to appear.
Funds in Trump Accounts are invested in diversified index funds that cover a broad swath of the U.S. stock market with relatively low expense ratios that are capped by law at no more than 0.1%, or 10 basis points.
WHAT ARE THE INVESTMENT OPTIONS FOR TRUMP ACCOUNTS
Ahead of the program’s launch in July, Treasury announced that the default investment option at launch will be the State Street SPDR Portfolio S&P 500 ETF (SPYM), which is a low-cost exchange-traded fund (ETF) that tracks the performance of the S&P 500 Index.
Treasury also indicated that four other low-cost ETFs that track broad indexes will be available in Trump Accounts in the future, including:
- iShares Core S&P 500 ETF (IVV)
- Vanguard Total Stock Market ETF (VTI)
- State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM)
- iShares S&P Total U.S. Stock Market ETF (ITOT)
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