Reported 1 day ago
The Trump Baby Accounts, part of President Trump's 'Big Beautiful Bill,' encourage savings for newborns with an initial government deposit of $1,000 and allow for additional contributions. However, while the accounts grow tax-deferred, funds are restricted to a U.S. stock market index and cannot be accessed until age 18. Financial advisors generally suggest that, while the initial government funding is beneficial, traditional 529 plans may offer better long-term benefits due to higher contribution limits, diversified investment options, and flexible withdrawal terms.
Source: YAHOO