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Trump Accounts: A Retirement Head Start | Minneapolis News
A new government program called “Trump accounts” is giving parents a $1,000 head start on retirement savings for kids born between 2025 and 2028. Similar to an IRA, the money grows tax-deferred, with optional annual contributions up to $5,000—though those aren’t tax-deductible. Employers may match contributions, which could be deductible. Funds are locked until age 18, with penalties for early withdrawal. Financial pros say grab the free money, but consider other accounts like 529s for college or Roth IRAs for home down payments, depending on your goal. The real win? Starting early—letting…
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