Trump accounts: What parents need to know about the new savings program

Trump Accounts, a new tax-advantaged IRA program starting in July, provides families with a $1,000 initial balance to save for children's futures. Parents with children under 18 can open accounts, with seed money available for children born between 2026. The program combines features of 529 plans and traditional IRAs, allowing funds to be used for various financial goals, and projections suggest significant growth by retirement.