How do Lifetime Savings Accounts differ from the UKs Child Trust Fund Accounts?
• Will this raise college tuition? • What if my child needs money to pay for college before they are 18? • Who will manage this program? • Can the private sector offer accounts? • Why not let the private sector handle all of the accounts? • How much can a child save in a Lifetime Savings Account? What will they have when they are 18? • Where will money in Lifetime Savings Accounts be invested? • How will this bill help promote financial literacy? • What is the legislative strategy for moving this bill through Congress? • How is this year’s bill difference from previous versions? 1. What does the bill do? The America Saving for Personal Investment, Retirement, and Education Act (“The ASPIRE Act of 2009”) will provide a Lifetime Savings Account for every newborn child in 2010 and beyond. Each account will be endowed with an initial $500 contribution, and children living in households earning below the national median income will be eligible for both a supplemental contribution of up to $