The US-launched 'Trump Account' opens for registration starting July 4

CoinFeed June 26 news, the United States has launched a tax-deferred retirement account for minor children called 'Trump Account', military families can open an account for each child under 18 and make long-term investments. The Treasury will inject a one-time seed capital of $1,000 into the accounts of newborns born between 2025 and 2028. Parents, relatives, employers and the child themselves can contribute up to an additional $5,000 per year thereafter, and employers can also contribute an additional $2,500 annually for each employee's child. The account funds are primarily invested in low-cost U.S. stock index funds, and after age 18, it automatically converts to an individual retirement account. Through long-term compounding, it can accumulate to hundreds of thousands to over a million dollars by age 55 for retirement security. The account opens for registration starting July 4.