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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsVERY important bill could correct social security shortfall for many Americans.
http://thinkprogress.org/economy/2016/03/18/3761628/murphy-social-security-caregiver-credits/When Sen. Chris Murphy (D-CT) went home for the winter holidays, he met with a number of people who sacrificed careers to care for family members. And many of them kept bringing up the same worries.
I heard these heartbreaking stories of people who were fearful of losing everything that they had saved because they had to leave a job in order to come home and take care of a loved one, he said. Time out of the workforce caring for an elderly parent or a young child means lost income.
It also means reduced Social Security benefits once the caregiver gets to retirement age, since she wont be paying those taxes if shes not earning income while shes taking a break from her job. One of the realities is that your retirement takes a big hit if you leave the workforce and come home to care for a child or parent, he said.
So on Friday, hes introducing a bill to help make that financial picture a bit less troubling. The Social Security Caregiver Credit Act would add a credit to a caregivers lifetime earnings to determine how much she should get in Social Security benefits. The credit would be based on a sliding income scale related to previous earnings capped at the average national wage or a maximum credit equal to half the average national income for those who werent earning money previously, for up to five years of caregiving. And it would apply to anyone caring for a child, grandchild, niece or nephew, aunt or uncle, spouse or domestic partner, parent, or sibling who needs daily assistance with basic activities like eating and bathing or even managing finances and shopping for food.
Taking care of a child or a parent is work too
And while full-time caregivers will be covered, those who provide part-time care 80 hours or more a month can also get coverage. Our bill acknowledges that this isnt just about the handful of individuals who are full-time caregivers, Murphy said.
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VERY important bill could correct social security shortfall for many Americans. (Original Post)
grasswire
Mar 2016
OP
I love my Senators! I'm so happy to live in CT where we are served well in the Senate of
CTyankee
Mar 2016
#12
Overseas
(12,121 posts)1. K&R. Yes please!
grasswire
(50,130 posts)3. please pass this news.
Social media, whatever.
silvershadow
(10,336 posts)4. wow! Big KNR
grasswire
(50,130 posts)5. I hope Bernie latches on to this before Hillary tries to hug it. nt
Response to grasswire (Reply #5)
silvershadow This message was self-deleted by its author.
DURHAM D
(32,609 posts)10. Too late.
She advocated for this while still in the senate. Also, she wants an exemption for care givers to be eligible for Medicare at 60 instead of 65.
grasswire
(50,130 posts)14. no, hers is different. I've heard her stump it. nt
snot
(10,524 posts)7. K&R'd.
Iwillnevergiveup
(9,298 posts)8. What a novel idea!
This will impact tons of boomers who care for aged parents/relatives, and perhaps reduce the painful choice for assisted living/nursing homes.
K&R
DURHAM D
(32,609 posts)11. Not novel at all.
Hillary has been advocating for this for years, plus early access to Medicare for care givers.
grasswire
(50,130 posts)15. her idea is different and not as comprehensive. nt
Doctor_J
(36,392 posts)16. Iow triangulated and watered down
Clintonian in nature
burrowowl
(17,640 posts)9. K&R!!!!!!
CTyankee
(63,912 posts)12. I love my Senators! I'm so happy to live in CT where we are served well in the Senate of
the United States....
awoke_in_2003
(34,582 posts)17. If it benefits the people it will not pass. nt