Everything You Need to Know About Trump Accounts

Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.— Most savings accounts for kids sit in low-yield cash or come with restrictions on how the money can be used. With the rollout of the new "Trump account,” a tax-deferred savings vehicle for minors that allows parents, grandparents, employers, and friends to contribute a combined maximum of $5,000 annually. But is it worth jumping on right away?In this episode, Scott and Nick unpack everything you need to know about this new minor IRA. They walk through who is eligible for the $1,000 government seed money, how time and compounding can turn max contributions into an estimated $20 million by retirement, and the clever Roth conversion strategy that could make those millions completely tax-free. They explore where this new tool might fit into your overall financial order of operations and how grandparents and parents can use it as a mini generation-skipping wealth builder.Whether you're expecting a newborn or looking to jumpstart your teenager's financial future, this conversation breaks down the numbers and strategies so you can make the right move for your family.Ready to learn more? Scott Frank on LinkedIn Stone Steps Financial Nick Covyeau on LinkedInSwell Financial Leave us a question! Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.