Social Security Check: While only U.S. citizens born during Trump's second administration will receive the $1,000 government contribution, Americans can open a Trump Account for their children under age 18 with a valid Social Security number.

People can begin depositing money in the new tax-deferred investment accounts on Saturday, with eligible children receiving a $1,000 government contribution.

President Donald Trump is launching Trump Accounts on July 4, aiming to boost financial independence for children born during his second term.