Trump Accounts will auto-enroll children, potentially adding 60 million accounts: Treasury
The Treasury Department announced that Trump Accounts will begin auto-enrolling eligible children. Here's what families need to know.
TL;DR
- The Treasury Department is implementing temporary regulations to auto-enroll millions of children in Trump Accounts starting October 1st.
- This change is projected to increase enrolled accounts by over 60 million in 2026 and approximately 2 million accounts annually in future years.
- Auto-enrollment aims to address low participation rates, especially among low- and moderate-income families, which have been attributed to the 'opt-in' requirement.
- The program, launched on July 4th, offers a one-time $1,000 deposit from the Treasury for children born between 2025 and 2028, with potential for other family funds.
- Coordination between the Social Security Administration and the IRS is highlighted as important for the program's success, with Frank Bisignano leading the Trump Account expansion.