Improving Retirement Security for Family Caregivers Act of 2024
Topic:
Proposals are grouped into broad types, with specific topics within each category
Proposal Overview
Name: Improving Retirement Security for Family Caregivers Act of 2024
Congress: 118th
Year: 2024
Sponsor and Co-Sponsors
Sponsor:
Senator Susan Collins (R-ME)
Co-Sponsors:
2 Bipartisan cosponsors
Related Bills from Prior Congresses
None
Program Details
Overview: This bill allows unemployed or severely underemployed qualified family caregivers to make increased catch-up contributions to a retirement account.
Eligible Family Caregivers
A qualified family caregiver is an unpaid family member, foster parent, or other unpaid adult who is unemployed or severely underemployed and who provides care or supervision of a special needs child or adult. This includes an older adult who needs care or supervision due to an age-related condition. The caregiver must have completed 500 or more hours as a family caregiver and have fewer than 500 hours of paid employment in the taxable year.
Amount of Catch-up Contribution
This bill allows family caregivers to make additional “catch up” contributions to IRAs beyond the standard limits. in 2025, $7,000 or up to $8,000 for individuals age 50 or older.
Financing & Implementation
Program Administration
Not specified
Revenue Source(s)
Not specified
Program Cost Estimate
Not specified