💨 Abstract

The U.S. Senate's budget bill includes a new savings account for children, featuring a $1,000 initial deposit from the federal government. Known as "Trump accounts," these tax-advantaged savings accounts are available to all U.S. citizens under eight years-old. Future versions may include a $5,000 annual contribution limit and diversified investment options. Full access to funds begins at age 30.

Courtesy: WTOP Staff