Trump Accounts: A New Tax-Deferred Investment Option for Children
President Donald Trump launched 'Trump accounts,' also known as 530A accounts, a new type of tax-deferred investment account designed for children under age 18. These accounts are limited to investing in low-cost index funds like the State Street SPDR Portfolio S&P 500 ETF (SPYM). Contributions can be made by parents and others up to $5,000 annually, with the account converting into a traditional IRA when the child turns 18.
Topics: 530A account children's investing tax-deferred savings Trump accounts