Sens. Collins, Warner, Reps. Salazar, Pettersen Introduce Bipartisan, Bicameral Bills to Help Family Caregivers Save for Retirement

Bills would give family caregivers a fair chance to save for retirement.

WASHINGTON, D.C. - U.S. Senators Susan Collins and Mark Warner (D-VA) today introduced two bipartisan bills that would help family caregivers better save for retirement. These bills, the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act, would help address the financial challenges faced by individuals who leave the workforce to care for loved ones, often sacrificing their own long-term financial security. Companion bills were introduced in the U.S. House of Representatives by Congresswomen Maria Elvira Salazar (R-FL-27) and Brittany Pettersen (D-CO-07).

The Improving Retirement Security for Family Caregivers Act would allow family caregivers to contribute to a Roth IRA. Current law caps Roth IRA contributions at the lower of $7,000 or yearly income, limiting caregivers' ability to save for retirement when their earnings are reduced due to caregiving responsibilities. By eliminating this yearly income cap for family caregivers, the bill would 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.

The Catching Up Family Caregivers Act would allow family caregivers additional years of eligibility for the highest catch-up contribution levels in employer-sponsored retirement plans. Catch-up contributions currently allow individuals over age 50 to contribute above the standard annual limit, with even higher limits available for those ages 60 to 63. These provisions are designed to help individuals make up for years when they were unable to save. Building on that approach, this bill would allow full-time family caregivers to qualify for up to five additional years of maximum catch-up contributions.

"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 Senator 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."

"Family caregivers often step away from the workforce to look after relatives, and by doing so, many end up missing out on key opportunities to save for their own golden years," said Senator Warner. "No one should lose their own financial security because they provided essential care to a loved one. I'm proud to introduce two bipartisan bills that would give these caregivers the flexibility to continue contributing to retirement accounts and prepare for their own futures."

"Caregiving is one of the most important jobs, but our current policies penalize selfless Americans who look after their loved ones," said Representative Salazar. "I'm proud to co-lead and reintroduce the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act, which will reward caregivers with new opportunities to secure a dignified retirement."

"Our caregivers do some of the most important but underappreciated work in our country - everything from cooking meals, to administering medications, paying bills, and driving loved ones to frequent medical appointments. But that care can take a toll on their personal lives, with caregivers taking a big personal financial hit when they take time from work to prioritize their loved ones," said Representative Pettersen. "This can often have long-term impacts, which is why I'm proud to introduce these two pieces of legislation to make it easier for caregivers to save for retirement. Ensuring caregivers can take care of their own financial health ensures they can keep taking care of their families."

Both pieces of legislation are endorsed by the Securities Industry and Financial Markets Association (SIFMA), the American Benefits Council, the Edward Jones Grassroots Task Force, the Insured Retirement Institute, and the Women's Institute for a Secure Retirement (WISER). The Catching Up Family Caregivers Act is also endorsed by the Alzheimer's Association.

"SIFMA commends Senators Susan Collins (R-ME) and Mark Warner (D-VA) and Representatives María Elvira Salazar (R-FL) and Brittany Pettersen (D-CO) for their bipartisan leadership in introducing the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act. These bicameral pieces of legislation recognize that one of the best ways to ensure a secure retirement is by saving early in tax-advantaged retirement accounts, but retirement planning is often impacted by life circumstances and nonfinancial priorities, including time spent caregiving. These bills would allow individuals who leave the workforce or significantly reduce their hours to care for a family member to benefit from the power of long-term saving and compounding growth for their retirement. SIFMA looks forward to working with Congress to ensure that retirement security is an achievable goal for all," said Kenneth E. Bentsen, Jr., President and CEO, SIFMA.

"We know through our experiences that Americans providing care to family and friends make significant personal and professional sacrifices, including stepping out of the workforce or moving from full-time to part-time work. Unpaid caregiving can have a meaningful negative impact on savings and retirement readiness. With 71% of Americans believing current government policies fall short in providing adequate support for caregivers, there is a clear need for action. We strongly support creating additional opportunities to help caregivers save for a secure retirement. We believe the establishment of additional catch-up contribution opportunities and the waiving of earned income requirements for contributions to Roth IRAs are provisions well-tailored to address the unique savings challenges faced by caregivers. We are grateful for Senator Collins' bipartisan leadership and applaud her efforts to provide saving opportunities that will improve the financial futures of millions of American who provide caregiving to family and friends," said Andy Blocker, Principal, Edward Jones.

"While a noble and selfless decision, leaving the workforce is often the only option an individual has when seeking to provide the necessary care for a family member. Not only does this severely reduce or eliminate a caregiver's income, but their ability to participate in workplace retirement savings plans and save for retirement is also lost. The solutions offered by the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act provide caregivers eligibility to contribute to Roth IRAs and enhance their ability to catch up once they return to the workforce," said John Jennings, Director of Government and Political Affairs, Insured Retirement Institute.

"On behalf of the American Benefits Council, I am writing to express our strong support for the introduction of the 'Catching Up Family Caregivers Act of 2026' and the 'Improving Retirement Security for Family Caregivers Act of 2026.' For too many individuals, the act of caregiving compromises both their physical health and their financial well-being, including their ability to save for retirement. These bills would provide caregivers with critical new tools to address the retirement security challenges they face. We support these efforts and look forward to working toward enactment of these bills," said Lynn Dudley, Senior VP, Global Retirement and Compensation Policy, American Benefits Council.

"The Women's Institute for a Secure Retirement (WISER) is writing in support of these two bills: the 'Catching Up Family Caregivers Act of 2026' and the 'Improving Retirement Security for Family Caregivers Act of 2026.' The caregiving issue is certainly an issue for women, but more broadly it is an issue for families and for retirement security, and we applaud your efforts to address this critical set of challenges. We believe that these bills would give caregivers more ways to save for retirement and would thus help address one of the key challenges faced by caregivers. Thank you for your leadership on these bills and we stand ready to help as the bill moves forward," said Cindy Hounsell, President, WISER.

Click here for the complete text of the Improving Retirement Security for Family Caregivers Act.

Click here for the complete text of the Catching Up Family Caregivers Act.

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