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Financial Relief for Family Caregivers: Early Retirement Withdrawals Without Penalty

This new law allows individuals caring for family members to withdraw up to $10,000 from their retirement plans without the usual 10% early withdrawal penalty. These funds can be used to cover various caregiving expenses, such as assistance with daily activities, medical equipment, or transportation. The aim is to provide financial support to those acting as caregivers.
Key points
Ability to withdraw up to $10,000 from a retirement account without the additional 10% penalty, if the funds are used for family caregiving expenses.
Funds can be used for a wide range of caregiving costs, including personal assistance, equipment, home modifications, transportation, and even lost wages for the caregiver.
The care recipient must be a close family member and certified by a licensed healthcare practitioner as having long-term care needs.
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Additional Information
Print number: 118_HR_10182
Sponsor: Rep. Gottheimer, Josh [D-NJ-5]
Process start date: 2024-11-20
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Caregiver Financial Relief Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10182.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-11-20.

What are the main provisions?

Key points include:

  • Ability to withdraw up to $10,000 from a retirement account without the additional 10% penalty, if the funds are used for family caregiving expenses.
  • Funds can be used for a wide range of caregiving costs, including personal assistance, equipment, home modifications, transportation, and even lost wages for the caregiver.
  • The care recipient must be a close family member and certified by a licensed healthcare practitioner as having long-term care needs.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Gottheimer, Josh [D-NJ-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

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