Trump Accounts Give Families a New Way to Save
As his son gets closer to college, Russ is thinking about how families save for their kids over the long term. In this Sidewalk Talk, he shares what caught his attention about Trump Accounts, including the ability for parents, grandparents, and other family members to contribute.
Topics Discussed:
Keeping kids’ savings set aside
Trump Accounts offer a new option
Family members can contribute
Webinar covers the details
Transcript:
Kids have just back to school, and mine's senior in high school now. We've been on lots of college visits already, walking around different campuses, him picturing himself there, me still remembering the great times when he was in third grade. It's wild how fast that happens.
Hey everybody, I'm Russ Rivera, founder and president of Voice Wealth Management, and welcome back to Sidewalk Talk.
Watching him get ready for this next step got me thinking about something new that came out this year, a way to save for your kids that's built to just sit and grow, untouched, until they actually need it. A lot of parents I talk to want that, but they worry about two things. Either the money's too easy to dip into for something else, or they lose track of it between all the accounts they're juggling.
There's a new one out this year called a Trump Account, and I like it because it's not just on the parents. If your kid was born in the last couple years, they might get $1,000 to start it off. Either way, family, grandparents, whoever wants to help, can add to it, and it sits there, invested, until your child turns 18.
There's more to how it works, who qualifies, and how to set one up for your kids or grandkids. I'm covering all of it at a free webinar on September 10 at 3pm. Link's below. Come with your questions.
Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.
Trump accounts are being regulated by the IRS and require the opening of the account to be done on the government site. Accounts cannot be opened at the custodians. In addition, advisors cannot solicit or recommend the opening of a Trump account or recommend securities to purchase in them, as the accounts are not regulated by FINRA or the SEC.
