More and more grown up children have decided to step back from their jobs to take care of their aging parents. This can be a great way to ensure that your loved one will be able to stay at home for longer, but it can take a toll on your relationship, your health and your finances. Many people decide to choose family care giving over professional San Diego Home Care because they believe that it is less expensive, but there are a lot unseen costs that you may not have thought about. The following is a list of the true costs of family care giving:
- Lost Income- You are probably already aware of this cost if you are leaving your job to take care of a loved one, but you may not understand how much of an impact this will have on your life. A study conducted by MetLife found that the average wages lost by a caregiver amounts to around $145,000.
- Diminished Hiring Potential- Not only does caring for your loved one on a full time basis take a toll on your career right now, but it can also hurt your chances of being hired or rehired in the future. This is especially troublesome when you consider the high unemployment rate in our country.
- Loss of Savings and Retirement- Quitting your job will most likely cause you to have to push your retirement plans back and use your savings early. You are also likely to lose a portion of your social security benefits.
These are just a few of the hidden costs of family care giving. If you want to learn about the rest of the hidden costs, stay tuned for our next blog.