0
0
0
Improving Retirement Security for Family Caregivers Act of 2024
10/8/2024, 11:38 PM
Summary of Bill S 5148
Bill 118 s 5148, also known as the Improving Retirement Security for Family Caregivers Act of 2024, aims to provide support and financial security for individuals who take on the role of family caregivers. The bill recognizes the important contributions that family caregivers make in providing care for their loved ones and seeks to address the financial challenges they often face.
One key provision of the bill is the establishment of a caregiver credit, which would allow family caregivers to earn credits towards their Social Security benefits for the time they spend providing care. This credit would help to ensure that caregivers do not suffer financially as a result of taking on caregiving responsibilities.
Additionally, the bill includes measures to improve access to retirement savings options for family caregivers, such as expanding eligibility for retirement plans and providing incentives for employers to offer retirement benefits to part-time workers, who are often family caregivers. Overall, the Improving Retirement Security for Family Caregivers Act of 2024 aims to recognize and support the important work of family caregivers by providing them with the financial security and retirement benefits they deserve.
One key provision of the bill is the establishment of a caregiver credit, which would allow family caregivers to earn credits towards their Social Security benefits for the time they spend providing care. This credit would help to ensure that caregivers do not suffer financially as a result of taking on caregiving responsibilities.
Additionally, the bill includes measures to improve access to retirement savings options for family caregivers, such as expanding eligibility for retirement plans and providing incentives for employers to offer retirement benefits to part-time workers, who are often family caregivers. Overall, the Improving Retirement Security for Family Caregivers Act of 2024 aims to recognize and support the important work of family caregivers by providing them with the financial security and retirement benefits they deserve.
Congressional Summary of S 5148
Improving Retirement Security for Family Caregivers Act of 2024
This bill allows qualified family caregivers to contribute up to $7,000 (in 2025) to a Roth IRA (or up to $8,000 (in 2025) for individuals who are age 50 or older). A qualified family caregiver is an unemployed or severely underemployed adult who provides 500 hours or more during one tax year of in-home care, monitoring, management, supervision, or treatment of an adult with special needs or a child.
Read the Full Bill
Current Status of Bill S 5148
Bill S 5148 is currently in the status of Bill Introduced since September 24, 2024. Bill S 5148 was introduced during Congress 118 and was introduced to the Senate on September 24, 2024. Bill S 5148's most recent activity was Read twice and referred to the Committee on Finance. (text: CR S6371) as of September 24, 2024
Bipartisan Support of Bill S 5148
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 5148
Primary Policy Focus
Alternate Title(s) of Bill S 5148
Improving Retirement Security for Family Caregivers Act of 2024
Improving Retirement Security for Family Caregivers Act of 2024
A bill to amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA.
Comments
Sponsors and Cosponsors of S 5148
Latest Bills
TRAPS Act
Bill HR 4936September 18, 2026
Apples to Apples Comparison Act of 2025
Bill HR 4093September 18, 2026
American Lending Fairness Act of 2026
Bill HR 7866September 18, 2026
Civil Investigative Demand Reform Act of 2025
Bill HR 1653September 18, 2026
American Reserve Modernization Act of 2026
Bill HR 8957September 18, 2026
Preventive Health Savings Act
Bill HR 4464September 18, 2026
PEARL Act
Bill HR 9327September 18, 2026
Medically Tailored Home-Delivered Meals Program Pilot Act
Bill HR 5439September 18, 2026
To designate the facility of the United States Postal Service located at 117 West Lovett Street in Charlotte, Michigan, as the "Francis C. Flaherty Post Office Building".
Bill HR 9570September 18, 2026
To designate the facility of the United States Postal Service located at 1019 Avenue H in Fort Madison, Iowa, as the "Martin L. Graber Post Office".
Bill HR 4707September 18, 2026

