NCPSSM — I’ve had this thought in my head for a while now....

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“I’ve had this thought in my head for a while now. I’ve been thinking that I can’t afford for my wife to be a Stay-At-Home Mom. Now, I don’t at all mean to offend anyone with this post. I just have to say that for me personally, I can’t afford it....

I’ve had this thought in my head for a while now. I’ve been thinking that I can’t afford for my wife to be a Stay-At-Home Mom. Now, I don’t at all mean to offend anyone with this post. I just have to say that for me personally, I can’t afford it. I’d like to explain exactly what I mean by that so that no one thinks I’m in any way devaluing Stay-At-Home Moms. On the contrary, I mean that I quite literally cannot afford my wife to be staying at home. Here’s why…

via We Are Glory (We highly recommend reading this!).

People who stay home to care for their loved ones should also receive credits toward their Social Security.

We propose this in our Eleanor’s Hope initiative.

caregiver caregivers politics home care health care p2 social security entitlements

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lowey.house.gov

Lowey Introduces Legislation to Provide Social Security Earnings Credit to Caregivers

An individual’s secure retirement is jeopardized when leaving the labor force or reducing hours to care for a loved one. The Social Security Caregiver Credit Act aims to increase retirement payments for caregivers who care for others during their working years.

For millions of American women, unpaid caregiving becomes a financial emergency, and on average accounts for $324,000 in lost wages and Social Security benefits in a caregiver’s lifetime.

Lowey’s proposal has been endorsed by 19 national organizations, including the National Committee to Preserve Social Security and Medicare, the National Organization for Women (NOW), and the National Alliance for Caregiving. (A full list is at the bottom of this release.)

via Rep. Lowey.

Related Reading:

Source: ncpssm.org caregivers politics health care social security entitlements seniors p2 SSDI the disabled retirement retirees retirement crisis entitlement reform
“Leaving the workforce to become a full-time caregiver, even for a few years, has a lifetime impact. ” Related Reading:• Providing Social Security Credits for Caregivers. • We recommend that, in computing the Social Security retirement or disability...

Leaving the workforce to become a full-time caregiver, even for a few years, has a lifetime impact.

via CAP.

Related Reading:

  • Providing Social Security Credits for Caregivers.
    • We recommend that, in computing the Social Security retirement or disability benefit that imputed earnings for up to five family service years would be granted to a worker who leaves or reduces his/her participation in the work force to provide care to children under the age of six or to elderly family members.
Source: bit.ly caregivers politics social security p2 seniors retirement retirees retirement crisis entitlements entitlement reform caregiver credits older americans elderly
“Rick is one of 15 million Americans caring for a family member with dementia. That thought may conjure images of boomers caring for elderly parents, but if early-onset dementia is in play, it’s a completely different equation. A spouse often becomes...

Rick is one of 15 million Americans caring for a family member with dementia. That thought may conjure images of boomers caring for elderly parents, but if early-onset dementia is in play, it’s a completely different equation. A spouse often becomes the round-the-clock caregiver.

via NPR.

Related Reading:

  • Providing Social Security Credits for Caregivers.
    • We recommend that, in computing the Social Security retirement or disability benefit that imputed earnings for up to five family service years would be granted to a worker who leaves or reduces his/her participation in the work force to provide care to children under the age of six or to elderly family members.
Source: eleanorshope.org social security caregivers politics healthcare seniors retirement retirees retirement crisis entitlements entitlement reform p2 caregiver credits social insurance older americans elderly medicare
“Her supervisors empathized. They knew why Marcy Sherman-Lewis, a customer service agent, was missing workdays: Both her parents, who lived an hour away, had Alzheimer’s disease. “My mother had doctors’ appointments; my father had doctors’...

Her supervisors empathized. They knew why Marcy Sherman-Lewis, a customer service agent, was missing workdays: Both her parents, who lived an hour away, had Alzheimer’s disease.

“My mother had doctors’ appointments; my father had doctors’ appointments,” said Ms. Sherman-Lewis, an only child. “I was constantly running up and down the highway.”

via New York Times.

Related Reading:

  • Providing Social Security Credits for Caregivers.
    • We recommend that, in computing the Social Security retirement or disability benefit that imputed earnings for up to five family service years would be granted to a worker who leaves or reduces his/her participation in the work force to provide care to children under the age of six or to elderly family members.
Source: eleanorshope.org social security caregivers politics health care seniors elderly retirement retirees retirement crisis p2 caregiver credits entitlements entitlement reform
ncpssm.org

Letter Endorsing Social Security Caregiver Credit Act of 2016

Because of the way that Social Security benefits are calculated, temporary interruptions in a person’s participation in the labor force can lead to a significant reduction in the amount of that person’s Social Security benefit. Undeniably, women are called on far more than men to care for loved ones.

Your legislation addresses this inequity by imputing an annual wage of not less than 50 percent of the national average wage as a Social Security credit to individuals who leave the workforce or diminish their participation in it to provide care to certain family members. 

via NCPSSM.

Source: ncpssm.org social security caregivers politics healthcare p2 caregiver seniors older americans elderly social insurance caregiver credits retirement retirees retirement crisis entitlements entitlement reform
“Diana Matsushima cares for both her husband and sister-in-law full time, giving them their medications and driving them to their doctor appointments. ” Related Reading:• Providing Social Security Credits for Caregivers. • We recommend that, in...

Diana Matsushima cares for both her husband and sister-in-law full time, giving them their medications and driving them to their doctor appointments.

via Kaiser Health News.

Related Reading:

  • Providing Social Security Credits for Caregivers.
    • We recommend that, in computing the Social Security retirement or disability benefit that imputed earnings for up to five family service years would be granted to a worker who leaves or reduces his/her participation in the work force to provide care to children under the age of six or to elderly family members.
Source: eleanorshope.org social security caregivers politics p2 health care seniors retirement retirees retirement crisis entitlements entitlement reform
nextavenue.org

Women 50+ Quitting Work for Family Caregiving

The Fahle and McGarry study confirms some rather grim statistics from other sources about working women who are caregivers:

  • The average income lost by caregivers each year is a whopping 33 percent.
  • Caregivers pay for many caregiving expenses out of their own pockets, to the tune of $10,000 a year.
  • Overall, 11 percent of caregivers end up having to quit their job to care for someone at home around-the-clock.
  • If a woman does have to leave her job due to caregiving needs, the lost wages, pensions and Social Security benefits over her lifetime total more than $300,000.

via Next Avenue.

Related Reading:

  • Providing Social Security Credits for Caregivers.
    • We recommend that, in computing the Social Security retirement or disability benefit that imputed earnings for up to five family service years would be granted to a worker who leaves or reduces his/her participation in the work force to provide care to children under the age of six or to elderly family members.
Source: bit.ly gender wage gap politics caregivers seniors social security retirement retirees retirement crisis entitlements entitlement reform p2 caregiver credits healthcare health care
Americans today are increasingly concerned that they will not have saved enough money to provide for a reasonable standard of living in retirement. This uncertainty is the result of a number of different factors. Few companies today offer their...

Americans today are increasingly concerned that they will not have saved enough money to provide for a reasonable standard of living in retirement. This uncertainty is the result of a number of different factors. Few companies today offer their workers traditional pensions, which leaves most Americans relying on Social Security along with any personal savings they manage to accumulate for their retirement. Stagnant wage growth over the past decade, combined with the lingering effects of the recession, have made it very difficult for most American workers to put aside savings for retirement, and instead have led many to dip into what retirement savings they have accumulated to cover daily expenses…

…These trends inordinately impact women who tend to spend more time out of the workforce as a consequence of their caregiving responsibilities. Women earn less than men even when doing the same jobs, they more often work part-time or in jobs that do not offer retirement savings plans, and as a result women tend to accumulate fewer savings for retirement. 

More on this issue can be found here.

Source: bit.ly politics women's rights retirement retirees older americans social security social insurance caregivers caregiver credits healthcare health care gender pay gap gender wage gap p2 entitlements entitlement reform
Providing caregiver credits would strengthen a parent’s earnings history which should also result in a higher benefit amount for themselves and their eligible children. Interrupting participation in the labor force to look after other family members, usually children and elderly parents or relatives, can result in a significant reduction in the amount of the caregiver’s Social Security benefit.
via Eleanor’s Hope.
Source: eleanorshope.org social security politics seniors caregivers caregiver credits elderly retirement retirees retirement crisis SSDI p2 entitlements entitlement reform
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