Lawmakers Renew Push to Bolster Retirement Security for Caregivers

Lawmakers reintroduced two bills aimed at addressing the retirement insecurity faced by U.S. workers who step away from employment to care for family members.

On Tuesday, Senators Susan Collins, R-Maine, and Mark Warner, D-Virginia, joined Representatives María Elvira Salazar, R-Florida, and Brittany Pettersen, D-Colorado, to unveil legislation designed to help caregivers maintain long-term savings even as their incomes decline.

The proposed bills—the Improving Retirement Security for Family Caregivers Act of 2026 and the Catching Up Family Caregivers Act of 2026—target a gap in federal retirement policy that advocates say disproportionately affects women and middle-income households.

The first bill addresses Roth individual retirement accounts. Under current law, contributions are limited by earned income, effectively shutting out caregivers who reduce their hours or leave the workforce entirely. The legislation would allow qualifying caregivers, defined as those providing at least 500 hours of unpaid care annually while working limited paid hours, to contribute up to the standard annual cap regardless of income.

The second measure takes aim at employer-sponsored plans, expanding eligibility for catch-up contributions. While current rules allow workers older than 50 to save additional amounts, the new bill would grant caregivers up to five extra years of eligibility for the highest contribution limits, even if they fall outside traditional age thresholds.

Together, the bills seek to compensate for what lawmakers describe as a structural penalty embedded in the retirement system.

“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,” Collins said in a statement announcing the legislation.

Supporters argue that caregiving, often unpaid and lasting years, has an economic toll that compounds over time, reducing both immediate earnings and long-term savings growth. Industry groups, including the Securities Industry and Financial Markets Association and the American Benefits Council, have endorsed the proposals, citing the importance of uninterrupted contributions and compound interest.

Both bills were introduced in the previous Congress and referred to the Senate Committee on Finance, but neither advanced. The legislation will again be referred to the Finance Committee.