Treasury Dept. automatically enrolls more than 60 million kids in Trump Accounts

Parents, guardians have to claim the accounts and separately opt in to receive the federal government’s $1,000 seed contribution for eligible kids.

Key facts

• Over 60 million American children have been automatically enrolled in Trump Accounts by the Treasury Department.
• Parents or guardians must claim these accounts and separately opt-in to receive the federal government's $1,000 seed contribution for eligible children.
• Trump Accounts, also known as 530A accounts, are available to children under 18 with Social Security numbers and launched on July 4.
• Citizens born from 2025 through 2028 qualify for a one-time $1,000 contribution from the Treasury.
• The automatic enrollment is a change from an earlier opt-in structure, which had raised concerns about low participation, especially among lower-income families.
• Tech billionaire Michael Dell and his wife, Susan, have pledged $6.25 billion to provide $250 to qualifying children in specific lower-income ZIP codes.

Sources

• New York Post