RICHMOND, VA (WVNS) — Recently, Senator Tim Kaine, along with his colleagues introduced a bill called Helping Young Americans Save for Retirement Act.
If this bill passes, it will help Americans who decide to work right out of high school, around the ages of 18 to 20 years old access benefits to employer-sponsored retirement plans. The idea of lowering the age would potentially help them plan better financially for the future.
“Many companies, probably about 40 percent of companies that offer pension benefits, 401k programs to their employees, they offer them to employees beginning at age 21, but of course a lot of folks come out of high school and start working right away,” said Senator Kaine.
This legislation would also potentially take away the expenses it costs to keep younger workers employed at a job.