Does domain age pass with a 301 redirect?

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Helping a local business with a web site redesign.

Would like to move to a 3 word keyword loaded domain ( no hyphens )
Old domain has one word of the desired keyword and the new name has two words from the keyword in it.
Keyword: red blue widgets
Old domain: AdvanceWidgets
New Domain AdvanceBlueWidgets

It is my understanding PR and link juice will pass but what about the age factor?

The old domain is over 10 years old. I don't want to lose this benefit although Google has downplayed it's importance as of late per my knowledge. I believe Matt Cutts of Google released a video not too long ago stating that?

Input?
#301 #age #domain #pass #redirect

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