Retirement Update (Aug '26) - Christian Cyr, CPA, CFP®

Okay, we're going to talk about Trump accounts.

A lot of you are asking questions about them.

These are good to know about because somebody in your life is going to ask you a question about them and they're not going away anytime soon.

We're basically giving away free money.

And Republicans like these accounts because Trump is on the name of the account and the Democrats like it because we're giving away free money to everybody.

So I don't see these going away anytime soon.

Technically, this is only for people born 25 through 2028.

But this is, I think, going to be essentially for the rest of my life.

A person born in this country, an American citizen born in this country is going to get $1,000 free from the federal government.

Here's what you need to know at a high level.

This is going to cost the federal government approximately $3 billion a year, but that's not a lot when you consider the fact that we're spending $2 trillion more.

than what we are bringing in on an annual basis now.

That's a topic for another day, but it is chump change to the federal government, or should I say Trump change.

Government here is trying to encourage young people to save.

So these are essentially retirement accounts for youngsters.

two phases.

When you're born, you get the $1,000.

And as I said, this is intended to be retirement.

So you cannot spend this money in the first 18 years of your life.

However, it is going to grow tax-free.

What you basically have is an opportunity.

And I don't recommend this for most people, but there is an opportunity for you or anybody to contribute to that child's Trump account.

$5,000 a year.

So for example, let's take young Jimmy.

If I want to contribute $3,000 to young Jimmy's Trump account, you can contribute another $2,000, total of $5,000.

Okay, we're going to talk about Trump accounts.

A lot of you are asking questions about them.

These are good to know about because somebody in your life is going to ask you a question about them and they're not going away anytime soon.

We're basically giving away free money.

And Republicans like these accounts because Trump is on the name of the account and the Democrats like it because we're giving away free money to everybody.

So I don't see these going away anytime soon.

Technically, this is only for people born 25 through 2028.

But this is, I think, going to be essentially for the rest of my life.

A person born in this country, an American citizen born in this country is going to get $1,000 free from the federal government.

Here's what you need to know at a high level.

This is going to cost the federal government approximately $3 billion a year, but that's not a lot when you consider the fact that we're spending $2 trillion more.

than what we are bringing in on an annual basis now.

That's a topic for another day, but it is chump change to the federal government, or should I say Trump change.

Government here is trying to encourage young people to save.

So these are essentially retirement accounts for youngsters.

two phases.

When you're born, you get the $1,000.

And as I said, this is intended to be retirement.

So you cannot spend this money in the first 18 years of your life.

However, it is going to grow tax-free.

What you basically have is an opportunity.

And I don't recommend this for most people, but there is an opportunity for you or anybody to contribute to that child's Trump account.

$5,000 a year.

So for example, let's take young Jimmy.

If I want to contribute $3,000 to young Jimmy's Trump account, you can contribute another $2,000, total of $5,000.