Caregivers Put Their Own Retirements at Risk, Study Finds

Caregivers Put Their Own Retirements at Risk, Study Finds

Most caregivers don’t pay attention to their own financial situations when deciding to become a caregiver and put their own retirements at risk, finds a study from Transamerica Institute.

Researchers surveyed 3,000 non-professional caregivers from across the nation.

The study found caregivers spend $150 a month to cover expenses related to caregiving, but 75 percent of them do not receive any payment for their work. 56 percent of caregivers said they were doing well financially, but in actuality they have saved only $68,000 in household retirement accounts and 18 percent reported they have taken a loan or early withdrawal from their retirement accounts as a result of becoming a caregiver.

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