Young American Savers Act of 2021
Last action on Jun 24, 2021Read twice and referred to the Committee on Finance.
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Summary
The Young American Savers Act of 2021 proposes the creation of a permanent Federal Child Savings Account Program to help families build long-term wealth for their children. Under this bill, parents or guardians could establish tax-exempt savings accounts for children under 18 to fund future educational expenses, Roth IRAs, or ABLE accounts for individuals with disabilities. These funds would generally become available to the child once they reach age 26, earn a college degree, or enter active-duty military service.
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