Section 530A, also known as Trump Accounts, offer an opportunity.
While the markets make money for some, others are left out. That’s something that a new program aims to address, particularly in how people help their children and grandchildren save. They’re called Section 530A accounts, but you might have heard them called by a different name: Trump Accounts. Designed to erase barriers for young earners, these accounts earn compounded interest and automatically convert to a Traditional IRA or Roth IRA when the child turns 18. This is a really interesting and helpful way for kids to begin with an advantage.
Here at Guardian Financial Management in Flower Mound, TX, we help families understand what’s available to them. Our office has been designed to help families just like yours to make money moves that make sense for them, and whether you’re looking to give your child a leg up or you’re planning for your own retirement, we’d love to be a part of your success. Let’s talk about Trump Accounts to see if they’re a fit for your little one.
Trump Accounts offer a $1,000 incentive to begin an account, and that’s just the start of the advantages. Learn more about this new program with Guardian Financial Management.
What Are These Accounts, Really?
There are a lot of major news stories right now, and you might have missed one of the most interesting stories of the year if you weren’t paying close attention. During the latest State of the Union address, the president spoke of a new program aimed at helping children start off with some investments. They’re called Section 530A accounts, but like with Obamacare, they’ve being better associated with the administration.
Trump Accounts offer a way to let parents and other family members save differently. Previously, in order to qualify for an IRA account, you needed to show earnings, which obviously left out children. Now, they’re eligible to see tax-deferred compound growth, too.
This Program Invites Family And Employers To Save, Too
So, why would someone choose to save with one of these new Trump Accounts? Well, there are some notable advantages to this program. For a start, the government is offering to jumpstart these accounts with an initial $1,000 investment, and that’s not the only reason to think about one.
As parents or grandparents, you can give to them in a way that’s tax deferred. This means that, while it grows, their new wealth will be able to grow without having to worry about dividend or capital gains taxes.
Learn More About Savings With Guardian Financial Management
Want to give them a great start? To find out more about how Trump Accounts help families save, speak with Guardian Financial Management in Flower Mound, TX, today at 972-996-7858.
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