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President Trump announces "Trump Savings Account" for newborns, government contributes 1000 Dollar.
On the 9th, President Trump officially announced the "Trump Savings Account" during a roundtable meeting with the CEOs of Dell, Goldman Sachs, and Uber. This system is positioned as one of the "most important" policies of his second term and is attracting attention as an economic support measure for addressing declining birthrates.
The system targets newborns born in the United States from January 1, 2025, to January 1, 2029. The government will invest $1,000 in an index fund linked to the stock market, and there will be an automatic registration mechanism.
Parents and account managers can make additional investments of up to $5,000 per year with after-tax funds. The funds are managed in an index fund that tracks the entire U.S. stock market, and withdrawals are allowed at 18 for 50% of the balance, in full for educational or entrepreneurial funds at 25, and without restrictions in full at 30.
The "Big Beautiful Bill" needs to be passed by the Senate to make it a reality, and fiscal conservative lawmakers have expressed concern about the rising national debt. The government plans to raise $3.6 billion through a 3.5% tax on remittances, but experts say the tax benefits are limited compared to the 529 education savings account (a savings account provided by the state government for education expenses) and the loss IRA (a type of individual retirement account).
In the United States, the defined contribution pension system centered around the 401(k) plan is currently mainstream, with total assets reaching approximately $9 trillion. When combined with Individual Retirement Accounts (IRAs), retirement-related assets exceed $12 trillion.
In addition, the declining birthrate is accelerating in the United States as well, and according to the Japan Research Institute, the total fertility rate for 2023 is approximately 1.6, significantly below the 2.1 needed to maintain the population. The number of births has also reached its lowest level since 1979, with late marriage, economic burdens, and the difficulty of balancing career and family being cited as the main reasons.