Carragher and Gerrard are among an increasingly rare breed who will have spent the best years of their playing days at one club.
Both have spoken of their intention to finish their top class careers at Anfield.
Ever since joining Liverpool's school of excellence, the duo have worked their way through the ranks and will be in their early thirties by the time their latest deals are over.
Carragher still hopes to stay at the club even longer than the four years he committed to on Monday.
But he sympathises with those youngsters who will try to emulate him and Gerrard in future, recognising the competition to be established over a long period at one club is harder than ever.
"The way football is now it's obviously going to get harder and harder to stay at one club for your whole career," said Carragher.
"It's rare for a player to spend so much time at one club in the modern game.
"It used to be we'd have scouts looking for the best players in the city and the best in England. Now they look for the best players in the world, from countries which ten or so years ago wouldn't have had anyone in the Premiership.
"It's also been easier for me and Stevie because we're at a big club playing on a big stage every week and competing for trophies, so it's natural we'd want to stay as long as the club wanted us."
Although Carragher will be 33 by the time his current deal expires, he doesn't believe this will the last time he puts pen to paper at Anfield.
"Signing for four years gives you the financial security, but I wouldn't presume it means I'll still be here when I'm 33 or that it means I won't be here longer than that. I hope I am. My idea is to earn another contract after this one. I don't want this to be my last."