Bessent projects $1,000 Trump account seed could grow to $5,000 at age 18 and $300,000 to $500,000 at retirement.
“They could then roll it into an IRA that could be between 300 and $500,000 at retirement.”
Bessent says 38% of American households have no equity market investment and expects that to move toward zero.
“38% of American households have no investment in our great equity markets. And we want everyone to share in bounty that is The U. S.”
Bessent cites 38% of American households having no equity investment and aims to reduce that to zero.
“38% of American households have no investment in our great equity markets, and we want everyone to share in bounty that is The US in our innovation, in our capital markets, this economic engine, greatest in the history of the world.”
“We've already got the over 6,000,000 accounts open, there are about 70,000,000 eligible children. So we're off to a running start and getting that up.”
Bessent reports over 6 million Trump accounts opened out of 70 million eligible children.
“Well, a couple of things. We've already got the over 6,000,000 accounts open, there are about 70,000,000 eligible children.”
Bessent announces guidance allowing employers to contribute up to $2,500 tax-free annually to Trump Accounts for dependents
“Trump Accounts are giving American families a new way to build wealth from day one. Today, Treasury is publishing guidance that will help families grow Trump Accounts by allowing employers to contribute up to $2,500 tax-free each year for employees’ dependents and giving”
Bisignano warns small annual cost differences over decades meaningfully affect amounts available in adulthood.
““For a child investing over decades, even small differences in annual costs may have a meaningful effect on the amount available in adulthood,””
Bessent says Trump Account dollars should work toward children's futures, not be diminished by unnecessary fees.
““Every dollar in a child’s Trump Account should be working toward that child’s financial future, not diminished by unnecessary fees,””
Bessent says Trump Account dollars should work toward children's financial future, not be diminished by unnecessary fees.
““Every dollar in a child’s Trump Account should be working toward that child’s financial future, not diminished by unnecessary fees,” said Treasury Secretary Scott Bessent”
Bessent says Treasury announced four additional low-cost index ETFs as investment options for Trump Accounts.
“Treasury also announced four additional low-cost index ETFs that may be chosen for investment by a parent or other responsible party.”
Bessent announces State Street SPDR Portfolio S&P 500 ETF as default investment for all Trump Accounts.
“Treasury previously announced that State Street SPDR Portfolio S&P 500 ETF (SPYM) would be the default investment for all Trump Accounts.”