ATLANTA — A new report from AARP highlights the financial challenges facing caregivers, finding that balancing work and caring for a loved one can lead to significant losses in lifetime income and retirement benefits.
According to the report, caregivers in their 40s are estimated to collectively lose $2.3 trillion in lifetime earnings, retirement income and Social Security benefits.
The financial impact can be especially significant for those who reduce their working hours or leave the workforce entirely to care for a family member.
AARP estimates that caregivers who miss the equivalent of more than two and a half years of full-time employment face average lifetime financial losses approaching $450,000.
The report also highlights the daily challenges of managing a job while providing care for a loved one, which can become overwhelming and force caregivers to make difficult employment decisions.
AARP says workplace policies and financial assistance could help reduce those losses and allow more caregivers to remain employed.
The organization points to paid leave, flexible work schedules and caregiver tax credits as potential ways to ease financial burdens for those balancing employment with caregiving responsibilities.
WSB Radio’s Ashley Simmons & Sabrina Cupit contributed to this story.