Could Trump Accounts be a model for Social Security? Here's what experts say

Ryanjlane | E+ | President Donald Trump is changing the way Americans can save through the creation of new investment accounts . Soon-to-launch Trump Accounts will provide an initial $1,000 deposit to U.S. children who have a Social Security number and who were born between 2025 and 2028. By the time those children turn 18, those accounts could reach "at least $50,000 in value," Trump has said , while additional contributions could bring those balances even higher. Trump also recently signed an executive order to create a new website, TrumpIRA.gov, to enable adult workers without employer-sponsored plans to set aside money for retirement. Social Security faces a looming projected depletion date that may trigger benefit cuts . Sen. Ted Cruz, R-Texas, recently said the new Trump Accounts for children could serve as a model for the more than 90-year-old benefits program. Sen. Ted Cruz, R-Texas, speaks during a news conference at the U.S. Capitol on May 9, 2024 in Washington, D.C. Chip Somodevilla | News | "Conservatives in America for 50 years have been trying to do that — have been trying to do Social Security personal accounts," Cruz said on May 4 at the Milken Institute Global Conference, according to a written transcript . "Here's the dirty little secret. …