Caring for aging parents impacts caregivers in ways most are never prepared for. Many San Diegans have never even considered the impact it will have on their lives. Most notable is the impact it can have on the work life of a caregiver.
Holding down a job while balancing care for an aging parent can be tough, and have major financial implications. What are the financial implications?
1. 70% of caregivers are obligated to make workplace adjustments
Most caregivers have jobs, but 70% are obligated to make workplace adjustments like coming in late or leaving early, according to the AARP.
2. 17% quit their jobs to take care of loved ones diagnosed with dementia
The Alzheimer’s Association found that 17% of caregivers of people diagnosed with dementia quit their jobs either before or after assuming caregiving responsibilities. 54% arrive to their place of work late or leave early, and 15% take a leave of absence.
Those adjustments and sacrifices translate into hard costs that can never be recovered, according to a study by MetLife Mature Market Group, National Alliance for Caregiving, and the University of Pittsburgh Institute on Aging.
3. Women lose $324,044 due to caregiving, and men lose $283,716
10 million people age 50+ who care for their parents lose an estimated $3 trillion in wages, pensions, retirement funds, and benefits. The total costs are higher for women, who lose an estimated $324,044 due to caregiving, compared to men at $283,716.
Lost wages for women who leave the workforce early because of caregiving responsibilities totals $142,693. The reality is that as our aging population dramatically increases, so do the number of people caring for aging parents. Caring for an aging parent is emotionally draining. It can be also be a huge financial burden.
How can we work and provide care?
Caring for our seniors is about more than the financial implications on the caregivers. It is also about making sure that all the care options available for their loved one are considered.
There are hundreds of options for ongoing senior care in San Diego, and every family should be empowered with a path to follow. For instance, moving a parent into assisted living or a board and care home may provide a more a consistent care program.
Many children of aging parents have never even researched this as an option because of the guilt of passing on that care to someone else.
That is not to say that all families cannot manage care within the confines of the family unit. But if the emotional and financial toll is too heavy, the care for the senior can often suffer as an unintended consequence of the stress.
Families should research their care options looking forward. It can be a great relief to have a plan for care changes when physical and cognitive impairment in their aging parent occur. These changes can make caring for them more complex.
Creating a care plan with options will make for a better work-life balance for employed caregivers, and ultimately better care for their parent as they move through the stages of aging.
If you would like to learn about the many caregiving options to choose from in San Diego, we can help guide you at no cost. A Right Place for Seniors San Diego specializes in finding the right care for seniors and aging parents.
It’s not all about medical needs. We are well versed in what is available depending on your interests, social needs, preferences, pets, and cost considerations.
We provide consultation and placement services at no cost, due to our partnerships with facilities. We know firsthand how personal the process is, and we work with each family to get the care they need. If you are looking for help finding the right place in San Diego, or just need help learning about your options, contact us.
About the Author: Monica Flynn is a San diego senior living consultant at A Right Place for Seniors. Monica is a senior care expert, and author of Moments with Marion. After Monica’s father died she and her siblings were faced with the difficult task of caring remotely for their mother Marion, who suffers from dementia. The resulting years were fraught with challenges and adventures.
As a result of her experiences through this process, Monica decided to leave the corporate world and develop A Right Place for Seniors to assist seniors and their loved ones on their journey into the next phase of their lives.