Those of us lending a hand to aging parents will need all the financial assistance we can get, according to a new report that says Americans who take time from work to look after (or even just look in on) an older dad or mom lose an estimated $3 trillion in wages, pension and Social Security benefits.
The MetLife Study of Caregiving Costs to Working Caregivers: Double Jeopardy for Baby Boomers Caring for Their Parents reports that in doing their familial duty, sons and daughters each forgo hundreds of thousands of dollars.
By leaving the labor force early and/or reducing their work hours of work to tend to parental care giving, women on average lose $324,044 and men lose on average $283,716.
Part of the reason for the trillions of dollars total in lost income is that, according to MetLife's data, nearly 10 million adult children age 50 or older now care for their aging parents. Put in a somewhat more alarming perspective, the percentage of adults providing care to a parent has tripled since 1994.
Dancing with Dad: I didn't mean to be a buzz kill on this day of celebrating with dad. So here's a happier Father's Day scenario.
Their father, who was the video's producer and made some enthusiastic cameo appearances, not only is quite young, but looks to be in very good shape as well as high spirits.
Here's hoping you have as good a time today with your father or father figure.
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