Independence Day Launches $1,000 Seed for New Baby Accounts

USA TODAY reports that the Trump Accounts program launches on July 4, seeding about 1.5 million newborns with $1,000 that grows tax-deferred until age 18 when it converts to a traditional IRA; additional sign-ups cover roughly 5 million children under 18, with up to 25 million under-10 in qualifying ZIP codes eligible for a $250 Dell Foundation gift, and families can contribute up to $5,000 per child per year (employers up to $2,500 count toward the cap). The accounts invest in low-cost index funds and may later convert to a Roth IRA, though 529 plans are often viewed as more flexible. Sign up at trumpaccounts.gov or the IRS portal, and you can open an account any time before the child turns 18.