Caring for an adult child or aging parent can be a blessing, but it also can be a burden. Providing care to a family member may save money, but it also may prove to be financially and professionally damaging to the caregiver. And as much as caregiving can be empowering and rewarding, it also can be emotionally depleting.
In short, caregiving is a complicated issue, particularly when it comes to finances. Research shows that caregivers suffer lost wages and job benefits, while also sacrificing retirement savings and Social Security benefits. For example, 10 million caregivers over the age of 50 who care for their parents sacrifice an estimated $3 trillion in lost wages, pensions, retirement funds and benefits, according to the MetLife Mature Market Group.