How to Prepare for Your Own Retirement While Caring for Aging Parents
Almost 80% of caregivers routinely spend their own money while caring for aging parents. While everyone’s situation is different, a recent study found that caregivers spend on average 26% of their annual income, or $7,242, on caregiving.1 Caregivers, while more than willing to share their resources with their loved ones, can feel financially squeezed for several reasons. Not only are they likely to pay out of pocket for their parents’ expenses, but it’s possible they’ll pass up promotions, take a less demanding (and lower paying) job, or work fewer hours.
