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'Trump Accounts' launch for U.S. kids. Here are savings options in GA
Irene WrightUSA TODAY
July 7, 2026, 1:51 p.m. ET
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The long anticipated Trump Accounts are now officially live, promising to give American children and babies free money to launch long-term savings.
During a July 6 ceremony in the Oval Office, President Donald Trump said the $1,000 accounts would make millions of babies in America " very rich."
As many as 6 million children already have active accounts, with children born between 2025 and 2028 getting $1,000 deposits from the federal government automatically.
Working as a sort of IRA for kids, are Trump Accounts better than other saving options for families in Georgia? Here's what to know.
How do Trump Accounts work?
Trump Accounts became active on July 4, and can now accept contributions.
Parents or legal guardians can fill out of IRS Form 4547 online to create an account, requiring the date of birth, Social Security number and contact information for the parent and child.
You can also file the form with your tax return, though that may be months away. You will then be contacted by the partner financial firm (initially handled by BNY) holding your Trump Account to finish setup.
If the account is created for a baby, $1,000 will be deposited into the account from the federal government. If the child is older, the account can still be created, but no money from the government will be added. There are, however, other funds that your family may be eligible to receive.
Michael and Susan Dell, of the Dell Foundation, pledged $6.25 billion for the initiative, and the Dell Foundation estimates 700,000 Atlanta families will be eligible for additional funds through the accounts, according to WSB-TV.
Parents and guardians can contribute up to $5,000 a year after tax. Employers can also contribute for minor employees or an adult employee's dependent.
The accounts have a growth period before a child turns 18, then becomes a traditional IRA with all standard IRA limitations.
Are there other savings accounts for kids in Georgia?
If your child doesn't qualify for the $1,000 deposit, Trump Accounts don't necessarily provide any other benefit compared to other traditional savings options.
For example, parents are able to set up traditional IRAs for children already, setting them up for financial success in the future. There is no minimum age for a child, as long as there is a custodial parent or guardian on the account. Because the Trump Accounts become a traditional IRA when a child turns 18, it may be more beneficial for your family to just start there, especially if you are already not receiving the $1,000 bump.
Families could also opt for a 529 plan, which has major tax advantages for paying for a child's education. Up to $35,000 can be rolled over from a 529 plan to a Roth IRA, meaning money not used for education can still act as a savings account for a child later in life. These accounts also don't have the same contribution limits, so a family could give more than $5,000 a year to the account unlike Trump Accounts.
Brokerage accounts could also end up outperforming Trump Accounts in the long term. These accounts are taxed at the long-term capital gains rate, lower than income taxes, so a brokerage account that invests in low- or no-divedend mutual funds could generate more money by the time a child reaches 18.
Trump Accounts are also geared toward a child's retirement, but there are many steps in a person's life that are costly before the end of their working career. Families should consider education accounts, savings for home purchasing or even their own retirement as they decide whether to invest in Trump Accounts for their young children.
Families should consult with financial experts before making a decision for their child, and see if a Trump Account or traditional savings option is the best choice.
Irene Wright covers Georgia politics as the Atlanta Connect reporter with USA TODAY’s Deep South Connect team. Find her on X @IreneEWright or email her at ismith@usatodayco.com.
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