As part of your retirement plan, are you hoping friends or relatives will take care of you if your health changes? After all when you were a kid one of your grandparents may have lived with you and your folks.
First, though, consider what a recent study revealed.
The MetLife Study of Caregiving Costs to Working Caregivers found that:
• Women who quit working to care for a loved one lost an average of $324,044 in wages and Social Security benefits.
• For men it was $283,716.
• Adult children who work and care for parents are more prone to health issues of their own.
Could your loved ones afford to make those kinds of sacrifices? With Social Security on shaky ground, the likelihood of our children’s benefits getting sliced is high. And putting away money for the future is already a huge challenge for many people.
So before you count on the kids for your later years, you might want to look into other alternatives.
Click here to read the complete study.
P.S. Looking for other ideas on how to plan for your long-term care? Then be sure to read an excerpt from A Boomer’s Guide to Long-term Care.