Brad Gerstner Pushes to Extend Trump Accounts to Americans Under 40

Altimeter Capital founder Brad Gerstner is seeking legislation to make Americans under 40 eligible for Trump Accounts, a change he estimates could extend the program to about 100 million more people.

Gerstner also wants expanded accounts to support retirement, education and starting a business. Legislation could be introduced in the coming months, but eligibility has not changed.

The program currently primarily serves children younger than 18. During childhood, account funds are generally invested in eligible mutual funds or exchange-traded funds that track broad U.S. stock indexes. Those investment restrictions end Jan. 1 of the year a beneficiary turns 18. Traditional IRA withdrawal rules then apply, and early withdrawals may incur an additional 10% tax unless an exception applies.

Gerstner projects private donations to Trump Accounts could total $100 billion by the end of 2027.

Elon Musk has pledged to give one SpaceX share to every child in America in 2027, with the shares distributed through Trump Accounts. The planned gift was estimated at nearly $11 billion when announced.