Joel O'Leary

speaker

227 appearances 1 recordings 1 series first heard Jul 2026 last heard 11 Jul

Joel O'Leary’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Motley Fool Hidden Gems Investing · Trump Accounts Are Live, But Are They the Best Choice? · 11 Jul 2026 podcast

Those are some examples I can think of that maybe you want access to those funds before the age 18 in a Trump account.

You can't.

Yeah, they have control over it like a traditional IRA.

So yes, they have control, but it's not just like, here's the money, it's here's an account.

And so that account rules then follows traditional IRA rules.

So if you want to pull out money from there, standard withdrawals, you can pull it out for whatever reason, but you're going to pay a 10% penalty on any funds you pull out if you're under the age 59 and a half, just like a traditional IRA.

There are some penalty-free use cases.

So, for example, using the money for higher education or you can withdraw money for buying a first down payment on a home up to a certain limit.

I think it's $10,000.

That may change.

So there are some qualified withdrawals, but for the most part, the account is designed that you will leave the money until the person is 59 and a half.

So it is truly a retirement account.

Yeah, that's another downside and sort of it remains to be seen how difficult that would be.

But I like to think of it as right now adults can put after-tax contributions into their 401k, but it really messes the account because then you've got a mix of pre-tax and post-tax funds in there.

And so when it comes time to withdraw, which section are you withdrawing and what taxes do you pay on what?

I do think that mingling pre-tax and pro-tax funds can be a headache.

So strong record keeping is required.

How much money you're putting in, make sure it's all tracked.

That's certainly a drawback because even as someone who's a finance nerd like me, that's a tough job.

And you might be tracking it literally for decades.

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