Congressman Hanna Co-Sponsors Bill to Help Americans Start Saving Sooner
A new bill could help young Americans start saving at an earlier age and help them be more financially sound for the future.
Congressmen Richard Hanna and Ron Kind introduced a bill and launched the "start saving sooner act." Current federal law requires a person to be 18 years or older to have a Roth IRA. However, this new act would allow people to have them as soon as they are given a social security number.
Representative Richard Hanna said, "It doesn't take a lot of money, on a month on a regular basis to set yourself up for a reasonable retirement and this encourages that and it just gives people one more tool. Instead of having to work later in life this one says you can start saving earlier."
The Boston College Center for Retirement found that nearly half of all Americans may not be able to continue their standard of living into retirement.