Care giving can take a toll on your family in more ways than one! It’s never to early to start planning.
When you see the price tag for assisted living, caring for your elderly parent yourself can start looking more appealing. But that choice may be more expensive than some people think, reports NPR.
While MetLife says assisted living costs an average of $42,000 a year, family caregiving also takes a financial toll—and not just on today’s bills.
The MetLife report said that for the typical woman, the lost wages due to dropping out of the labor force because of adult caregiving responsibilities averages nearly $143,000. That figure reflects the wages lost while not working — typically for about five years — as well as lower wages after returning to the workforce with rusty skills. When foregone pension and Social Security benefits are counted, the out-of-pocket losses roughly double.
“Family caregivers are themselves aging and yet are providing care at a time when they also need to plan and save…
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