Trump Accounts are a new type of IRA designed to give children an early start on long-term investing. With a $1,000 federal contribution available to certain eligible children, contributions from family members and employers, and different rules from a traditional 529 education plan, families now have another option to consider when planning for a child or grandchild’s financial future.
In this Wealth Wednesday episode, we explore the biggest financial pressures facing Generation X. From catching up on retirement savings to managing college costs and caring for aging parents, they offer practical steps Gen Xers can take to regain control and plan for a more secure future.
As the calendar turns towards fall, it is natural to think about the young people in our lives heading back to school. With that in mind, we wanted to spend a few minutes talking about the new and improved 529 plans. The SECURE Act made some significant changes that alter how these accounts can be used.