Catching Up Family Caregivers Act of 2026

Mr. President, I rise today to introduce two bills: the Improving Retirement Security for Family Caregiver Act and the Catching Up Family Caregivers Act. These bills, which I am introducing today with my colleague from Virginia Senator Warner, would enable family caregivers to better save for retirement.

Family caregivers play an important role in American society, providing uncompensated care for millions who often need assistance 7 days a week. While they devote themselves to providing care for our Nation's children, seniors, and other loved ones, they often suffer economically. According to a study by the Edward Jones Grassroots Taskforce, 64 percent of American women say their caregiving duties have had a negative impact on their ability to save towards their long- term financial goals, and more than half have had to take on fewer professional responsibilities due to caregiving. While it is difficult to put a dollar amount to the value of the devotion, time, and services that these caregivers provide, the Alzheimer's Association has estimated that in 2023 family caregivers provided $350 billion in uncompensated dementia care.

Our retirement system needs to accommodate this enormous commitment by helping ensure that family caregivers do not fall short of what they need for their own retirement. That is exactly what the two bills Senator Warner and I are introducing today would do.

Our legislation would enable family caregivers to contribute to their retirement funds even if they are not making significant income. Under current law, contributions to Roth IRAs are capped at $7,000 or yearly income, whichever is less. This severely limits the amount a family caregiver earning less than $7,000 can contribute to a retirement account. The Improving Retirement Security for Family Caregivers Act would eliminate the yearly income cap for family caregivers, enabling them to contribute up to $7,000 annually to a Roth IRA.

Our current retirement system allows those over the age of 50 to make ``catch-up'' contributions above the statutory limit, the idea being that those in their fifties have more discretionary income to put toward retirement than they did when they were younger. In the same way, the Catching Up Family Caregivers Act would allow family caregivers to take advantage of ``catch-up'' contributions for every year they were sidelined from the workforce as a family caregiver.

These complimentary bills would allow family caregivers to invest more in their retirement funds now and later. The bills have earned the support of important stakeholder organizations

that work with family caregivers, such as the Insured Retirement Institute. In a letter in support of the bills, the IRI wrote: ``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.''

I note that both pieces of legislation are also 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 Alzheimer's Association and the Alzheimer's Impact Movement have also endorsed the Catching Up Family Caregivers Act.

Mr. President, I ask unanimous consent that the letter from the Alzheimer's Association and the Alzheimer's Impact Movement be included in the Record immediately following my remarks, along with letters from Edward Jones Grassroots Taskforce, the American Benefits Council, the Insured Retirement Institute, IRI, and the Women's Institute for a Secure Retirement, WISER.

I am grateful for the support of these groups who know how important these retirement reforms will be to the financial security of caregivers who sacrifice for their loved ones. I urge my colleagues to support our legislation.

Mr. President, I rise today to introduce two bills: the Improving Retirement Security for Family Caregiver Act and the Catching Up Family Caregivers Act. These bills, which I am introducing today with my colleague from Virginia Senator Warner, would enable family caregivers to better save for retirement.

Family caregivers play an important role in American society, providing uncompensated care for millions who often need assistance 7 days a week. While they devote themselves to providing care for our Nation's children, seniors, and other loved ones, they often suffer economically. According to a study by the Edward Jones Grassroots Taskforce, 64 percent of American women say their caregiving duties have had a negative impact on their ability to save towards their long- term financial goals, and more than half have had to take on fewer professional responsibilities due to caregiving. While it is difficult to put a dollar amount to the value of the devotion, time, and services that these caregivers provide, the Alzheimer's Association has estimated that in 2023 family caregivers provided $350 billion in uncompensated dementia care.

Our retirement system needs to accommodate this enormous commitment by helping ensure that family caregivers do not fall short of what they need for their own retirement. That is exactly what the two bills Senator Warner and I are introducing today would do.

Our legislation would enable family caregivers to contribute to their retirement funds even if they are not making significant income. Under current law, contributions to Roth IRAs are capped at $7,000 or yearly income, whichever is less. This severely limits the amount a family caregiver earning less than $7,000 can contribute to a retirement account. The Improving Retirement Security for Family Caregivers Act would eliminate the yearly income cap for family caregivers, enabling them to contribute up to $7,000 annually to a Roth IRA.

Our current retirement system allows those over the age of 50 to make ``catch-up'' contributions above the statutory limit, the idea being that those in their fifties have more discretionary income to put toward retirement than they did when they were younger. In the same way, the Catching Up Family Caregivers Act would allow family caregivers to take advantage of ``catch-up'' contributions for every year they were sidelined from the workforce as a family caregiver.

These complimentary bills would allow family caregivers to invest more in their retirement funds now and later. The bills have earned the support of important stakeholder organizations

that work with family caregivers, such as the Insured Retirement Institute. In a letter in support of the bills, the IRI wrote: ``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.''

I note that both pieces of legislation are also 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 Alzheimer's Association and the Alzheimer's Impact Movement have also endorsed the Catching Up Family Caregivers Act.

Mr. President, I ask unanimous consent that the letter from the Alzheimer's Association and the Alzheimer's Impact Movement be included in the Record immediately following my remarks, along with letters from Edward Jones Grassroots Taskforce, the American Benefits Council, the Insured Retirement Institute, IRI, and the Women's Institute for a Secure Retirement, WISER.

I am grateful for the support of these groups who know how important these retirement reforms will be to the financial security of caregivers who sacrifice for their loved ones. I urge my colleagues to support our legislation.