Robinhood??
He’ll take the deposits cause “Trump’s Accounts”
This will be the only option when they remove Social Security
I hate the trump spilled his whole stupid name across these IRS tax law supported accounts, but the accounts themselves are an incredible resource for kids future.
Here’s an example. Age 65 is when many retire. Lets say these accounts existed when our example retiree was born. If there was a single one-time deposit of $1000 in the year of their birth in 1961, those funds were put into a boring S&P 500 fund, and never another contribution besides that first one for their entire life. The retiree would have $687,502 in retirement savings today in 2026. That’s three times the median of most retirees, and all with only a single $1000 saved for retirement.
Disingenuous, not accounting for inflation.
It is a delicate balance posting detailed information here on Lemmy. I’ve been downvoted for posting too much info so a level of brevity is a necessity to communicating here. I assumed everyone knew that inflation occurs over 65 years of life. I gave one example of calculations to show the impact on saving early these accounts allow. Further scenarios or depth are left as an exercise to the reader.
Which, by the way, is achievable with a 529 account, which has been around for a long time. Any funds not used for education can be rolled into an IRA in adulthood.
He is doing nothing new, but is putting his name on it. I guarantee it will encourage investments in private equity/credit and crypto.
He does nothing for altruistic reasons. If it appears to benefit others, it is either a side effect, or a useful illusion.
I think the only thing new about it is that the government is contributing 1k for kids born this year. It makes it easier for people to setup too. But yeah he didn’t think up some grand new idea haha as if that would even be possible
The new thing is being able to have unlimited growth starting at birth, not capped at $35k like 529 rollover.
But yeah he didn’t think up some grand new idea haha as if that would even be possible
I doubt trump came up with anything at all. This was likely someone else’s idea the knew they had a good chance of getting it into law by polluting it with trump’s stupid name on it.
Which, by the way, is achievable with a 529 account, which has been around for a long time. Any funds not used for education can be rolled into an IRA in adulthood.
Thats incorrect.
First, rolling unused 529 funds into an IRA was only achievable with the passage of the SAVE act in 2024 (just 2 years ago) this function hasn’t been around for a long time. Second, the lifetime maximum dollars you can roll in is capped at $35k. I don’t think many would consider that enough for retirement. source
He does nothing for altruistic reasons.
I completely agree with this statement.
if it appears to benefit others, it is either a side effect, or a useful illusion.
Side effect in this case. He gets to put his stupid vanity name on something, and his buddies in the investment industry get a new channel for investment funds.
A scam company working with a scam artist and pedophile to make a scam product to scam children.
