Vim & Vigor - Fall 2019 - GMC - 24

FINANCIAL IMPACTS

Caregiving doesn't lend itself to work-life balance, and women feel the economic pinch more
than men.
"A lot of it is having to juggle between the
caregiving role and work," says Christina Irving,
a family consultant for the Family Caregiver
Alliance. "When mom or dad needs to go to the
doctor, who's going to take them there? Is that
time off work?"
The typical caregiver is a 49-year-old woman,
a demographic that is "still dealing with providing care to their own families," Moreno says.
When these caregivers lose annual income
because of reduced hours or quitting a job altogether, Moreno says, "they have to make decisions as far as what they might not be able to
spend funds on, because they now might have
just one income for their family" if they have a
working partner.
For a female caregiver who leaves the workforce, an average of $324,000 is lost in wages
and benefits, compared with $284,000 for a
man, according to a 2017 study on caregiving
from Merrill Lynch. The value of all this unpaid
care from women is about $273 billion a year.
The numbers do not include sacrifices that are
hard to measure, such as missed opportunities
for promotions, business travel and relocation.

"For caregivers, now your retirement is going
to be diminished, and if you need care, how's
that going to be paid?" says Lauren Locker, a
certified financial planner whose business has a
division devoted to elder care.
The U.S. is anticipating a care gap, with the
number of caregivers expected to decline in the
coming decades, a rapidly aging population, and
adults who are living longer. Some researchers
predict that by 2030, there will be four potential
caregivers available for each person age 80 and
older, compared with seven caregivers in 2010.
While four potential caregivers might sound
adequate, in reality, the job often falls to one or
two loved ones.

Caregivers
who leave
the workforce
may need to
make financial
sacrifices.

PHOTOS BY GETTY IMAGES

24

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Vim & Vigor - Fall 2019 - GMC

Table of Contents for the Digital Edition of Vim & Vigor - Fall 2019 - GMC

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Vim & Vigor - Fall 2019 - GMC - Contents
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