'Trump Account' newborns could have $1.9M by 28, Treasury Dept. says. Here's what's required to get that much
View original at finance.yahoo.com'Trump Account' newborns could have $1.9M by 28, Treasury Dept. says. Here's what's required to get that much Shutterstock Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below…
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Annual costs of raising a small child average $29,419 today, a 35.7% increase from 2023 survey
80% confidenceTrump accounts could grow to $1.9 million over 28 years
80% confidenceMoby's individual stock picks have outperformed the S&P 500 index returns by an average of 11.95% per year over the last four years
80% confidenceTrump accounts provide a more limited and restricted tax benefit than existing saving incentives, such as 529 accounts
80% confidenceWith no additional contributions beyond initial $1,000, accounts could turn into between $3,000 and $13,800 over 18 years depending on performance
80% confidenceTo reach $1.9 million by age 28, parents would need to max out accounts by investing maximum every year until child's 17th birthday, starting at $5,000 per year adjusted for inflation
80% confidence