Bill Sweeney, AARP’s senior vice president of government affairs, urges eligible families to consider opening “Trump Accounts,” a savings program aimed at helping children start building wealth early.
With an eye on the next generation, the new Trump Accounts proposal aims to turn tax season into more of a year-round activity — recasting it as the first step to building lasting wealth.
As part of President Donald Trump’s sweeping One Big Beautiful Bill Act, the plan will generate government support investment children’s accounts, designed to grow over time.
The accounts will act as long-term investment vehicles, but they have rules designed to protect them young people.
Available only to those under the age of 18, they will be funded by the organization’s seed money, private donations from families and, in some cases, additional deposits from employers or non-profit organizations.
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Trump’s accounts are included in President Donald Trump’s sweeping One Big Beautiful Bill Act. (Photos by Tim Clayton/Corbis/Getty)
To start a nest egg, the federal government will deposit the first $1,000 into each new account.
“If the government is going to give you $1,000, you should take it,” Bill Sweeney, senior vice president of government affairs for AARP, told Fox News Digital.
“This is a great opportunity, in our opinion at AARP, for grandparents to help ensure that their grandchildren are placed on the right financial path and put more money aside for their future,” he added.
Sweeney said anyone can apply for accounts for a child born between 2025 and 2028.
“It’s a simple one-page form included with your tax form to open an account,” he added.
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A blank 1040 tax return form from the IRS. (Stock)
Proponents say the accounts are designed to harness the power of long-term investing to build wealth early.
“One of the most important components of wealth creation is what we in finance call compound interest,” said Michael Faulkender, co-chair of the America First Policy Institute’s Center for American Prosperity.
“If you put money into an account and leave it untouched, that initial investment – and the interest earned – can grow to a significant amount over time.”
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Anyone can start a Trump account for a child born between 2025 and 2028. (Getty Images)
“Having an ownership stake in the economy is a strong way to build wealth and become independent,” Faulkender said.
“It allows families and their children to directly benefit from economic growth.”
So far, more than four million Trump accounts have been opened this tax season, according to the Treasury Department.
