Eligible children would get a $5,000 account invested in the U.S. stock market. They could claim the money from age 18 through 25 if they meet school or disability rules. Peace Corps or AmeriCorps service could add $10,000.
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American Dream Accounts Act of 2024 is a House bill in Congress.
Who this affects: This bill mainly affects children who get a Social Security number after the law starts and are U.S. citizens, or become citizens, before age 18. It also affects those children when they become young adults and decide whether to claim the money, roll it into a Roth IRA, or lose it by missing the deadline. Schools and state education agencies would also be affected because the bill funds financial literacy lessons and teacher training.
Why this matters: This bill could give eligible children a financial starting point when they reach adulthood. The account might help pay for school, training, a business, or early retirement saving. The amount available would depend on stock market returns and when the young adult claims it. The bill also raises cost and fairness questions because it has no set funding cap and excludes children who do not meet the citizenship rule.
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