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New Trump Accounts Offer Unique Savings Options for El Paso Families

KVIA•Saturday, June 27, 2026 at 4:00 PM•CNN Newsource

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Starting July 4, parents can open Trump Accounts to save for their children's future, potentially receiving a $1,000 government contribution for children born between 2025 and 2028. These accounts are designed for long-term investment but come with restrictions, such as limited withdrawal options before the child turns 18. Financial experts advise families to carefully consider their savings goals before choosing between Trump Accounts and other options like 529 plans or custodial Roth IRAs, which may offer better tax benefits depending on the intended use of the funds. Ultimately, the right choice will depend on individual family objectives and financial circumstances.

Key Details: • Trump Accounts open for contributions on July 4, 2023. • Eligible families can receive a $1,000 government contribution for children born between 2025-2028. • Contributions can be made up to $5,000 per year from various sources. • Withdrawals before age 18 are limited, with potential tax penalties. • Consult a financial advisor to determine the best savings option for your family's goals.

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People & Organizations

Timothy McGrathHoward DavidoffRiverpoint Wealth ManagementMurray Koppelman School of Business

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