Retirement Security

Advocacy > Retirement Security

Lost Wages and Benefits

As of 2011, the percentage of adult children providing personal care and/or financial assistance to a parent had more than tripled over the past 15 years.

Currently, a quarter of adult children, mainly Baby Boomers, provide these types of care to a parent. The total estimated aggregate lost wages, pension, and Social Security benefits of these caregivers of parents is nearly $3 trillion. For women, the total individual amount of lost wages due to leaving the labor force early because of caregiving responsibilities equals $142,693. The estimated impact of caregiving on lost Social Security benefits is $131,351. A very conservative estimated impact on pensions is approximately $50,000. Thus, in total, the cost impact of caregiving on the individual female caregiver in terms of lost wages and Social Security benefits equals $324,044. For men, the total individual amount of lost wages due to leaving the labor force early because of caregiving responsibilities equals $89,107. The estimated impact of caregiving on lost Social Security benefits is $144,609. Adding in a conservative estimate of the impact on pensions at $50,000, the total impact equals $283,716 for men or $303,880 for the average male or female caregiver 50+ who cares for a parent.

https://www.caregiving.org/wp-content/uploads/2020/05/mmi-caregiving-costs-working-caregivers.pdf

Social Security Credits

https://www.congress.gov/bill/116th-congress/senate-bill/2317/text

Wiser Women – Financial Steps for Caregivers

https://www.wiserwomen.org/resources/caregiving-resources/financial-steps-for-caregivers-what-you-need-to-know-about-protecting-your-money-and-retirement/National Community Reinvestment Coalition   

AARP – Raiding Your Retirement to Pay for Caregiving

https://www.aarp.org/caregiving/financial-legal/info-2017/caregivers-retirement-savings-fd.html  

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