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Age Discrimination in Employment Act of 1967 - ADEA

The Age Discrimination in Employment Act of 1967 (ADEA) prohibits discrimination on the basis of age and generally bans mandatory retirement.

Covered employers are those engaged in an industry affecting interstate commerce and who employ twenty or more full or part time workers for each working day in each of twenty or more weeks in the current or preceding calendar year.

Covered employees are generally those over the age of 40.

 

FYI... If someone earning $3000/month put just 10% into a 401k over 25 years with a 5% return, there would be over $342,000 at retirement!