What is a Trump Account and how does it work for new parents?

A Trump Account is a new type of traditional IRA created under the One Big Beautiful Bill Act for eligible individuals under age 18 with a Social Security number. It allows annual contributions of up to $5,000 during a designated growth period, with funds required to be invested in U.S. stocks. Children born between Jan. 1, 2025, and Dec. 31, 2028, are eligible for a one-time $1,000 government contribution. After the growth period, the account can transition to a standard traditional IRA, convert to a Roth IRA, or roll over to another eligible retirement account.

When should I open a 529 plan for my child?

There’s no required minimum age to open a 529 plan — you can open one as soon as your child has a Social Security number. Starting early allows more time for potential investment growth on a tax-deferred basis, and withdrawals for qualified education expenses are tax-free. 529 plans can be used for K-12 tuition, trade schools, undergraduate programs, qualifying graduate schools, and student loan repayment up to certain limits.

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