Caregivers “Sandwiched” According to Studies
Some 35% of boomers have been responsible for the care of an elderly parent, according to an AARP survey. That is up from 26% in 1998. Meanwhile, half of boomers are raising a young child, including grandkids, or providing financial assistance to an adult child, according to Pew Research Center. Go ahead—just try to retire.
These obligations aren’t just expensive; they are time consuming and directly affect your ability to earn. According to a Hartford survey:
68% of boomers have missed work in the last six months or left early due to care-giving duties for either a young child or an elderly parent
50% of those who missed work for care-giving duties in the last six months missed between eight and 16 hours
More than three-quarters of boomers have taken as much as 16 hours of paid vacation time to care for a child or parent
47% of young boomers worry about how their care-giving duties affect their performance at work
The No. 1 concern of older boomers as it relates to care giving is that their duties will force them to postpone retirement