The White House said on Oct. 7 that nearly 70 million Trump Accounts have been created, including more than 60 million through automatic enrollment. It says every child under 18 with a Social Security number now has an account in their name. These are the administration's figures, taken from its own release.
According to the White House, a parent or guardian has to claim the account through the Trump Accounts App. Claiming lets them manage the account, unlock contributions from family and friends, and receive the one-time $1,000 seed contribution for eligible children. The release says more than $4.5 billion has been deposited since the July 4 launch, including $1.3 billion in seed contributions, over $600 million from family and friends and $2.6 billion in philanthropic gifts.
On contributions, the White House says family and friends can add up to $5,000 a year. Employers can contribute up to $2,500 a year, within the overall $5,000 annual limit. It says more than 70 companies have committed to contributions for employees and that an estimated 80 percent of accounts are linked to families earning less than $200,000 a year.
The page also projects balances growing to an estimated half a million dollars by retirement, which is a projection, not a guaranteed outcome. It does not detail the withdrawal rules, fees or investment options. Families should read the program terms on the official site before moving money, and should be wary of any message that asks for a Social Security number or payment to claim an account.