A bipartisan group of lawmakers is advancing multiple pieces of legislation designed to strengthen retirement savings options for millions of unpaid family caregivers.

Two companion bills introduced in the House and Senate would modify retirement account rules to better reflect the realities caregivers face.

Under one proposal, the Improving Retirement Security for Family Caregivers Act, eligible caregivers could contribute up to the maximum Roth IRA limit even with reduced earnings.

The second measure, the Catching Up Family Caregivers Act, would allow returning caregivers to make enhanced catch-up contributions — currently up to $11,250 — for five years regardless of age, CNBC reported.

Other pending legislation would provide tax credits and expand the use of health savings accounts to help offset caregiving-related expenses.

“These two bipartisan bills would give these individuals a better opportunity to build a secure financial future and help ensure they are not penalized for the vital care they provide,” said Sen. Susan Collins (R-Maine), a co-sponsor of the legislation.

The bills have been referred to the House Ways and Means Committee and the Senate Finance Committee.

As the population ages, more relatives are stepping into unpaid caregiving roles, often at significant personal and financial sacrifice.

A recent survey by Pew Research Center found that roughly 10% of U.S. adults care for a parent age 65 or older, with additional shares caring for spouses or partners. Among those with older parents, nearly one-quarter report serving as caregivers, with rates rising as parents age.

Among adults who have a parent 65 or older, 24 % said they are caregivers — with that share climbing to 31 % when the parent is 75 or older.

In-home care costs continue to serve as a driver of reverse mortgage demand as seniors weigh their ability to pay for it with retirement savings or Social Security.

Women account for roughly 60% of caregivers, according to a 2025 report by AARP and the National Alliance for Caregiving, and they often face steeper retirement challenges. Figures from Vanguard indicate women have lower average 401(k) balances than men.

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.