The Cost of At-Home Caregiving
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.
Full article by Marilyn Geewax on nursing homes quality service in the NPR.
Wow!
It would be interesting to see how this amount in lost wages due to elderly caretaking compares to the same in other countries.
“Caregiver advocacy groups say Congress needs to be doing more with tax credits and Social Security benefits to help financially support those who choose to care for the elderly.”
Yes. That’s exactly what the SS system needs right now: more expenditures.
Women do really bear a financial burden, first kids, then parents. I agree with Mark.
I read an article in the New York Times advising senior New Yorkers to move together and hire a home care aide. It would be cheaper for three people to hire around the clock care for all three of them than all three (each) move into a nursing home.