ARI | 02-04-25 PM: Boosting Caregivers' Retirement Security

February 04, 2025

Today’s Story

Family caregivers often sacrifice their own financial security to care for loved ones, stepping away from the workforce and missing out on crucial retirement savings. Recognizing this issue, bipartisan lawmakers have introduced two bills: the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act. 

These proposals aim to allow caregivers to make retirement contributions up to $7,000 annually, even if their income falls below this amount, and enable them to make catch-up contributions to retirement plans for up to five years. This effort acknowledges the importance of family caregivers' roles and seeks to mitigate the financial sacrifices they make, particularly as unpaid caregiving can value up to $600 billion annually. As the U.S. population ages, with older adults expected to outnumber children by 2030, these initiatives address an urgent need - and let’s hope that Congress continues to address these needs.

Struggling with weak ankles, stiff knees, or sore feet? Adding this one food to your daily routine has been shown to improve mobility, ease joint pain, and keep you active. No prescriptions, no crazy workouts—just real results. Try it today and feel the difference!

Tip of The Day

If you're a caregiver, stay informed about these legislative developments. Consult with a financial advisor to explore options for maintaining your retirement savings during caregiving periods.