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International Business Times UK

Business

Niloy Chakrabarti

Trump's New $1,000 Account for Newborns Comes With Rules So Complicated Even Advisers Are Worried

Donald Trump IRA United States

Eligible children can participate in the Trump account until age 18; the program costs $15 billion through 2034. (Credit: YouTube)

US President Donald Trump's One Big Beautiful Bill Act introduces a new type of custodial individual retirement account (IRA) for children. The initiative promises to deposit $1,000 (£755) into these Trump accounts for American children born between 1 January 2025 and 31 December 2028. These accounts are designed to grow tax-deferred until withdrawal, offering a potential head start for early retirement savings.

Eligibility and Contribution Limits

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