There’s a bipartisan effort in Congress to help family caregivers save more for retirement.
A bill introduced in both the House and Senate last week would ease Roth IRA contribution rules for caregivers. Another measure, also proposed in both chambers, would allow caregivers of any age to make “catch-up” contributions — extra amounts currently reserved for workers age 50 or older — to workplace retirement plans like 401(k)s. Family caregivers, who provide help to individuals with illness, disability or age-related needs, typically are unpaid and often have to scale back work hours or step away from their job altogether.
“These two bipartisan bills would give these individuals a better opportunity to build a secure financial future and help ensure they are not penalized for the vital care they provide,” cosponsor of the bills, Sen. Susan Collins, R-Maine, said in a statement.
The House bills were referred to the Ways and Means Committee; the Senate bills were sent to the Finance Committee.
The new proposals are part of an ongoing effort by some lawmakers and policymakers to address the financial strain caregiving can place on individuals, including their ability to save for retirement.
