A Top Priority

IMPACT (ACLI blog) article by Cindy Hounsell August 3, 2022 Every day financial needs like food, family and shelter take priority over saving for retirement.

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New In Financial Caregiving Policy

As a caregiver, it can feel exhausting trying to keep up with all of the new policies and laws that are passed each year. We created this page just for you! On it, you’ll find summaries of new policies, commentary, and videos. 

In Brief

2022 National Strategy to Support Family Caregivers
This initial strategy builds on recommendations outlined by the RAISE Act Family Caregiving Advisory Council and the Advisory Council to Support Grandparents Raising Grandchildren.
Read more about it here.
The Securing a Strong Retirement Act, or “SECURE 2.0”, targets student loan borrowers, military spouses and low-income earners, among others, for help planning and saving for retirement.
Read more about it here.
National Academy for Science's Nursing Home Report
On April 6, 2022, the Committee on the Quality of Care in Nursing Homes – as part of the National Academy of Sciences – published “The national imperative to improve nursing home quality: Honoring our commitment to residents, families, and staff”. This report evaluates the state of nursing home care in the United States and provides suggestions to improve the quality of care.
Read more about it here.
Tax Credits for Caregivers
Beyond the emotional and physical tolls of caregiving, it also incurs a financial cost. The average caregiver spends about $7,200.00 a year on caregiving. There are currently several tax credits that you can use to help off-set that cost.
Read more about it here.
Many people who change jobs have less than $5,000.00 in their retirement accounts. Under current law, these individuals have less than 60 days to move their account to their new employer. This results in an estimated loss of up to $105 billion each year of retirement savings. The Retirement Clearinghouse (RCH) has developed a plan to help stem this loss. It’s called Autoportability.
Read more about it here.
What is Supplemental Security Income (SSI)?
SSI is a federal program to supplement the incomes of the aged, blind, and disabled. To be eligible for SSI, you must have a medical condition that will either prevent you from working for at least one year or result in death, or you must be at least 65 years old and have very limited financial resources.
Read more about it here.
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