Social Security

Newsweek -    A new bill in Congress, titled the Social Security Caregiver Credit Act of 2026, would change how Social Security benefits are calculated, meaning millions of parents could end up with larger payments when they retire.

After years of seeing a decline in stay-at-home mothers, the United States started seeing the number of women leaving the workforce to raise children rise in 2014. That number has stabilized in recent years, but with the cost of childcare rising, some parents are making the decision to have one parent stay home because they can't justify spending more than half of their salary on childcare. However, leaving the workforce—even temporarily—means parents who stay home get lower Social Security payments when they retire.

Representative Brad Schneider wants to change that. Last week, the Illinois Democrat introduced a bill that would credit parents who stay home with their kids toward future retirement benefits, even if they're unpaid. In 2021, there were an estimated 11 million people who stayed home with their kids.

"Caregiving is an essential element of family life and a vital service for children, the ill, the disabled, and the elderly," the bill says. "The establishment of a caregiver credit would bolster the economic prospects of unpaid caregivers and would provide them with vital retirement security."