President TrumpĀ has proposed creating universal savings accounts for Americans to help householdsĀ save, a policy that is already available to residents in some other countries.

Universal savings accounts, or USAs, are tax-free investment vehicles that have fewer limits and restrictions than other traditional savings methods. For example, people could withdraw funds whenever they pleased, for whatever purpose they needed them, without penalty.

That differs from current savings offerings, which penalize withdrawals unless they are taken at specific ages and/or put toward qualifying expenses.

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