The IRS has reported that parents have enrolled more than 4 million American children in 530A accounts, also known as Trump Accounts. These accounts are a new type of tax-advantaged individual retirement account for children under the age of 18. Under a pilot program, the federal government gives children born between January 1, 2025, and December 31, 2028, whose parents set up accounts in their name $1,000 in seed money. Beginning July 4, 2026, parents, relatives, friends, employers, organizations, and individuals may make contributions to the plans up to annual limits. Trump accounts create opportunities for financial professionals to start conversations with consumers and clients with children about planning for the future, boosting financial literacy, and providing their children with solid financial foundations.
NAIFA President Christopher Gandy is a strong proponent of parents working with financial professionals to get the most benefit out of Trump Accounts and other financial products. The accounts “represent a meaningful opportunity to promote early savings and financial security from birth,” he told InvestmentNews. “But accounts alone do not build wealth; relationships, education, and disciplined guidance do.”
April is Financial Literacy Month. This month and every month NAIFA strongly supports efforts to educate Americans on financial matters and provide them with tools and access to professionals that improve their opportunities for financial security and prosperity. Trump Accounts offer a great opening for financial professionals to start important conversations and build relationships with consumers who need professional, individualized guidance.
You can learn more about Trump Accounts from articles quoting NAIFA President Christopher Gandy: