Jodi never indicated that caring for her parents had a financial impact on her retirement plans, although everyone suspected it went beyond the lost wages from passing on the promotion.
According to an AARP Family Caregiving Cost survey, most family caregivers incur steep out-of-pocket costs related to caregiving. Long-distance caregivers, defined as family caregivers living more than one hour from the care recipient, incurred the highest out-of-pocket costs; however, even caregivers living with their care recipient incurred high costs.
It might mean working different hours, fewer or more hours, and taking paid or unpaid time off.
And then there is the effect on your own family if you need to cut back on other spending, which can undermine a family’s future financial security. Caregivers may have to reduce contributions to their own retirement savings which can result in a long-term impact on savings and Social Security benefits.
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