U.S. Rep. María Elvira Salazar (R-FL) and U.S. Sen. Susan Collins (R-ME) recently unveiled two bipartisan, bicameral bills that aim to address the financial challenges faced by people who leave the workforce to care for loved ones.
“Caregiving is one of the most important jobs, but our current policies penalize selfless Americans who look after their loved ones,” Rep. Salazar said, noting that the bills “will reward caregivers with new opportunities to secure a dignified retirement.”
The congresswoman on April 14 cosponsored the Improving Retirement Security for Family Caregivers Act of 2026, H.R. 8274, and the Catching Up Family Caregivers Act of 2026, H.R. 8273, both of which are sponsored by U.S. Rep. Brittany Pettersen (D-CO).
Sen. Collins on the same day sponsored the same-named S. 4292 and S. 4291 alongside lead original cosponsor U.S. Sen. Mark Warner (D-VA).
“Family caregivers provide critical support to their loved ones, yet many are forced to step away from work, limiting their ability to take full advantage of retirement savings opportunities,” said Sen. Collins. “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.”
Specifically, the Improving Retirement Security for Family Caregivers Act would allow family caregivers to contribute to a Roth IRA, and would eliminate the yearly income cap for family caregivers to help ensure they can continue to save up to $7,000 for retirement even if their wages fall beneath that amount while caring for a loved one.
If enacted, the Catching Up Family Caregivers Act would allow full-time family caregivers to qualify for up to five additional years of maximum catch-up contributions for the highest such levels in employer-sponsored retirement plans.
Both bills are endorsed by the Securities Industry and Financial Markets Association, the American Benefits Council, the Edward Jones Grassroots Task Force, the Insured Retirement Institute, and the Women’s Institute for a Secure Retirement. The Catching Up Family Caregivers Act is also supported by the Alzheimer’s Association.