Social Security Makes Change to Help Parents Claim Trump Accounts
New SSA inserts will tell parents about Trump Accounts and how eligible children can receive the $1,000 government contribution.
The Social Security Administration (SSA) has made a change to its Enumeration At Birth (EAB) program, adding new information to Social Security cards for newborns. This update aims to help parents claim and manage their children's Trump Accounts. The SSA will now include an insert detailing instructions on how to claim an account using the official Trump Accounts app.
The program is designed to connect parents with the government-backed accounts shortly after their child's birth and explain how eligible children can receive a one-time $1,000 contribution from the U.S. Treasury. Trump Accounts are a new type of tax-advantaged individual retirement account for children, with eligibility requiring a valid Social Security number and the child being under 18 when the account is set up.
The Treasury provides a one-time $1,000 contribution for eligible U.S. citizen children born between January 1, 2025, and December 31, 2028, with a parent or guardian's election.
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