The Cost of Caregiving

Are you taking care of an elderly family member? According to a new GAO study, “Retirement Security: Some Parental and Spousal Caregivers Face Financial Risks,” an estimated tenth of Americans provided care to a parent or spouse for some period of time from 2011 through 2017, with women and minority caregivers being the most likely to be the ones providing care.

And they've paid a hefty price. The study noted that for an estimated 68 percent of working parental and spousal caregivers, offering care took a toll on their jobs. They ended up going to work late, leaving early, or taking time off during the day to provide care.

That played out in the money field, too, with data indicating that spousal caregivers ages 59–66 had lower levels of retirement assets and less income than married noncaregivers of the same ages. Specifically, spousal caregivers had an estimated 50 percent less in individual retirement account assets, 39 percent less in non-IRA assets, and 11 percent less in Social Security income.