Guest speakers at the Trump Account Summit in Washington, D.C. on Wednesday discussed the benefits of Trump accounts and how they will interact with Social Security.
Trump accounts are savings accounts for children, created last year, and will go into effect in July. Contributions can be made into Trump accounts up to an annual limit of $5,000 (indexed). Employers can contribute up to $2,500 annually, which will count toward the total annual limit. Children born between 2025 and 2028 will also qualify for a grant of $1,000 from the federal government.
After the Summit, Prime Capital Chairman Scott Colangelo joined Fox News Channel’s Will Cain to tout the benefits of Trump accounts.
Calling Trump accounts the most impactful financial literacy program ever created, Colangelo said they will make a generation of investors and promote a capitalist structure “in which they can see the power of the economy and how their investments perform over time.”
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