Parents Will Be Able to Enroll Newborns in Trump Accounts at the Hospital
The Social Security Administration will introduce a process to sign up babies for the investment program at the same time they are registered for a Social Security number.
Parents of newborns who register them for Social Security numbers while the babies are still in the hospital will be able to sign up for a Trump account at the same time, vastly increasing the new investment program’s reach.
The Social Security Administration said on Friday that it would introduce a process to enroll newborns in the accounts, which can be opened for children younger than 18 who have a Social Security number. The accounts officially open for contributions on Saturday, and the money in them will be invested in low-cost index funds.
“Social Security numbers are the backbone of Trump accounts, and we will empower parents to enroll their newborns,” said Frank J. Bisignano, the agency’s commissioner, “to take full advantage of this program from the day a child is born.”
The so-called enumeration at birth program enables new parents at hospitals, at birthing centers or using a licensed midwife to request a Social Security number during the birth registration process. About 3.6 million babies are born in the United States annually.
Next week, the agency said, it will update its guidance to hospitals to include information on how to enroll in the accounts, and will assist states in modifying their forms to apply for a Social Security number to include the automatic creation of a Trump account. It wasn’t immediately clear when the new option will be available. Now, parents have to fill out a form or check a box on their tax returns to open an account.
