Workers with eldercare responsibilities cut across all racial and ethnic groups, including African Americans (21 percent), Hispanics (20 percent), whites (17 percent) and Asians (14 percent).
When it becomes stressful to juggle caregiving activities with work and other family responsibilities, or if work requirements conflict with caregiving tasks, some caregivers make changes in their work life, especially if they cannot pay for outside help. In a recent national survey, one in five (19 percent) retirees left the workforce earlier than planned because of having to care for an ill spouse or other family member. Nearly seven in ten (68 percent) caregivers report making work accommodations because of caregiving. These adjustments include arriving late/leaving early or taking time off, cutting back on work hours, changing jobs, or stopping work entirely. Family caregivers (age 50 and older) who leave the workforce to care for a parent lose, on average, nearly $304,000 in wages and benefits over their lifetime. These estimates range from $283,716 for men to $324,044 for women.
Both younger employees (age 18 to 39) and older employees (age 50+) with eldercare responsibilities are more likely to report fair or poor health in general, which in turns affects their own insurance and healthcare costs.
When juggling work and taking care of your family, along with caring for an aging parent or relative becomes too stressful, time consuming and financially burdensome, employees can benefit from hiring an Aging Care Manager. These professionals are trained and licensed to provide guidance and hands-on services in many areas of aging care, from financial, legal and insurance coordination, to medication and housing, doctor appointments, and caregiver management. Aging Care Managers can save you a lot of time and money while taking care all of the details so that you can be free to focus on work, and to enjoy your family and spend quality time with the elders under your supervision.