Boomers who find themselves caring for their elderly parents face increasingly limited career options, according to a recent study. The study found that two-thirds of workers who care for elderly relatives have lost promotions, pay raises and training opportunities.
Conducted by the MetLife Mature Market Institute in New York City, the National Center for Women and Aging, and the National Alliance for Caregiving, the study focused on 55 people aged 45 or older who spend more than eight hours a week providing unpaid care. Despite the limited number of participants, researchers said the study was the first of its kind to detail financial losses for such providers.
The financial toll amounted to $659,000 over their lifetimes in lost wages, Social Security and pension contributions, due to taking time off, quitting a job, and/or retiring early in order to care for ailing parents.
The future doesn't look any brighter. The nation's population continues to age, and the number of people providing care will grow in tandem, intensifying the impact on businesses and workers. According to Census Bureau projections, 82 million Americans will be over 65 by the year 2050, more than double the current amount.
