Retirement savings for caregivers a focus of new bipartisan bills in Congress
📖 Full Retelling
The two proposals would change some retirement account contribution rules for caregivers in an effort to help them save more for their golden years.
Entity Intersection Graph
No entity connections available yet for this article.
Original Source
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 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. More from Women and Wealth: Retirement savings for caregivers a focus of new bipartisan bills in Congress 35% of Gen Z homebuyers are single women. Here's why they need an estate plan How married filing separately could affect Trump's tax breaks this season Expecting to fight about money with your partner? You might be wrong: study Belle Burden's 'Strangers' highlights key financial red flags for women Single women see homeownership as 'a wealth-building tool,' economist says More women pursue skilled trades — here's what some said about their experience Older women may inherit most of $54 trillion in spousal 'great wealth transfer' The House bills were referred to the Ways and Means Committee; the Senate bills were sent to the Finance Committee. Family caregivers provide about $1 trillion in care 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. Family caregivers provided about $1 trillion in care in 2024 , nearly all of it unpaid, according to a...
Read full article at source