Political Quotes

“Madam 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 essential role in American society: caring for this Nation's children and elderly. While providing many vital services for their loved ones, these caregivers often suffer economically. According to a new study from the Edward Jones Grassroots Taskforce, 64 percent of women say their caregiving duties have negatively impacted their ability to save toward their long-term financial goals. In fact, an average 26-year-old female making $60,000 a year leaving the workforce for 5 years to raise her children will lose close to $1 million over her lifetime due to lost retirement assets and wage growth. Those taking care of an aging parent often face similar experiences. 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 long-term care. For this reason, the American retirement system needs to change to benefit family caregivers. Our legislation would enable family caregivers to contribute to their retirement funds without significant income.…”