Millions of children will be automatically enrolled in Trump accounts under new rules released Tuesday. The Treasury Department is eliminating the requirement for parents to sign up for the investment program.
The automatic enrollment process will create accounts for more than 60 million children younger than 18.
The move is intended to expand access to the child investment accounts and help contributions reach more eligible households.
About 73 million children are eligible for the program. Roughly 7 million have enrolled so far.
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"Millions of children have already enrolled in Trump Accounts. With automatic enrollment, over 60 million more eligible children now have an account ready to be claimed,” said Treasury Secretary Scott Bessent. “This is a transformative milestone in the Trump Administration's effort to give every American child the opportunity to build generational wealth and jump-start their financial future.”
Trump Accounts — also known as 530A accounts — are a new federal program created by the One Big Beautiful Bill. Eligible children receive a $1,000 government deposit to jump-start their savings. A parent or guardian still must claim the child’s automatically enrolled Trump Account to manage it and allow for family members, friends, and employers to contribute, the Treasury Department said.
Parents also must claim their children's accounts in order to receive the account, the Trump administration said.
Withdrawals aren't allowed until the calendar year a child turns 18.
Any child under 18 with a Social Security number can have an account opened in their name. However, only children born between 2025 and 2028 will receive a $1,000 credit.
Others in qualifying ZIP codes may receive $250 from the Michael and Susan Dell Foundation.
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Contributions aren't required, but they help the account grow. Parents can put in up to $5,000 a year per child, "And that would seed you about $3 million at the age of retirement," Perez said.
Starting the year the child turns 18, the account transfers entirely to them. The account is subject to most of the same contribution and withdrawal rules that govern traditional IRAs.
