T****P accounts: Why you should consider these if you have kids
We need to talk, especially if you have kids.
I know, I KNOW but we really do need to talk about these Trump accounts. You should really be taking advantage of these regardless of how you feel about the administration who created them.
What are they exactly, you ask?
This is an account where you can deposit up to $5k a year for kids under 18 and employers can deposit up to 2.5k. That money grows tax free ( kinda like a Roth IRA). After they turn 18, they can withdraw the money or let it grow.
Why should I care?
Because the government will fund the account with $1,000 for children born 2025-2028. So a head start for new arrivals.
Compound Interest. USUALLY the only vehicle to put money away like this is a ROTH, which requires earned income. So this allows families to put money away decades earlier and gives it more time to grow, it really adds up.
(You can’t open the account until July 4th)
Go here: https://www.irs.gov/trumpaccounts
Happy Birthday ‘merica!!
Here’s to striving towards a more perfect union