I'm learning a little bit more about the newly announced 530 accounts. also being called Trump accounts for kids. it's being touted by our local Congress person as an automatic $1,000 gift to my children.
it turns out there's quite a few more caveats involved and the $1,000 gift is only for those children born after January 1st of 2025. The kids that are over one year of age today get zero
Does anybody know if there will be a period of forced withdrawals after age 18 or if it can be rolled into some type of ira product?
So far, I'm not sure if this is superior to the existing 529 that offers tax free withdrawal and the ability to transfer to other family members as well as rollover money to a Roth IRA.
options