The Effect of Family Caregiving on Wealth-Caregiver Smile Summit
Kerry Hannon is our guest on the Caregiver Smile Summit.
Accumulated wealth can dissipate seemingly in a blink of an eye, when women over 50 shoulder the cost of caregiving. A Merrill Lynch/Age Wave report notes that women are 66% of all family caregivers and nearly twice as likely as men to provide care from their 40s through their 60s. On average, caregivers spend $7,000 on caregiving per year; many contribute far more. Sometimes, women find the indirect financial costs of caregiving — lost hourly wages, reduced Social Security benefits and the missed opportunity for 401(k) contributions — especially high. A woman who leaves the workforce for caregiving loses an average of $324,000 in wages and benefits compared to $284,000 for a man who takes time off for caregiving. Women are also three times more likely than men to retire earlier than expected so they can become a family caregiver. In this session, we’ll discuss the direct and indirect costs of caregiving and ways employers can help and caregivers can find solutions to overcome financial challenges.
Find out more about the Caregiver Smile Summit – www.caregiversummit.org
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