Understandably, it is hard for Erik and Nicole to imagine their parents in need of extended or long-term care. So many images and activities on social media and advertising in general are geared toward remaining youthful. But that hasn’t stopped the hands of time or events like the pandemic. Becoming a caregiver is not confined to just eldercare needs. Erik and Nicole gave Jackson a brochure to help Jodi realize that she and others were being negatively impacted by her caregiver duties. Now, it was her turn to share a chart.
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 a 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.
The fact is, more than half of employed caregivers (56 percent) experience at least one work-related strain. It might mean working different hours, fewer or more hours, and taking time off, whether paid or unpaid. And then there is the effect on your own family if you need to cut back on other spending, which can undermine the family’s future financial security. One in six caregivers in the survey reduced contributions to their retirement savings and roughly half have cut back on leisure spending.”
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