US. Increase In Number Of Teenagers Exploring Labor Market Offers Exciting Retirement Benefits
With a historically low unemployment rate, more and more businesses across the country are turning to teenagers to help fill the gap. According to The Wall Street Journal, “The 12-month average unemployment rate for teens in March was 13.9%, the lowest year-round average since 2001 and about half that in 2010.” A competitive job market is drawing a growing number of workers who have been out of the workforce back in, including teenagers. Some companies are even dropping age and experience requirements in order to be in a position to hire teens.
With more and more teens entering the workforce on a part-time and full-time basis, a growing number of teens are now in a great position to start saving for retirement and take advantage of the power of tax deferral or tax-free savings, in the case of a Roth IRA. Whether it is by gaining access to an employer 401(k) plan or SEP IRA, or by generating earned income eligible for IRA or Roth IRA contributions, the tightening job market could turn out to be a big boom to teen retirement savings.
Read More: Forbes
