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Parents Will Be Able to Enroll Newborns in Trump Accounts at the Hospital
The New York Times • • general
Key Points:
- The Social Security Administration will allow parents to open Trump accounts for newborns simultaneously when registering for Social Security numbers in hospitals, expanding the program’s reach.
- These accounts, available for children under 18 with Social Security numbers, will invest contributions in low-cost index funds and officially open for deposits starting Saturday.
- The agency plans to update hospital guidance and assist states in modifying birth registration forms to include automatic Trump account creation, though the timeline for availability is unclear.
- The program includes a one-time $1,000 Treasury deposit for eligible children born between 2025 and 2028, with additional contributions from private donors like Michael Dell and Micron.
- Trump accounts convert to IRAs at age 18, allowing withdrawals for education, home purchases, or retirement, with penalties for other uses.
