A new report from The Hartford finds that boomers are struggling under caregiving responsibilities, and the burden could affect their plans for retirement.
For younger boomers, the impact caregiving had on their job was their biggest concern. Over 41 percent said the need to continue working to be able to pay bills, instead of retiring, weighed heavily on their minds, and nearly one-quarter said they were concerned about reduced retirement savings.
Older boomers struggled with the need to put off retirement in order to pay bills. Over 42 percent said they were worried about having to continue working, while nearly 37 percent were worried about meeting care expenses. Only 24 percent were concerned about reduced retirement savings.
Surprisingly, when caregivers were asked who supported them the most, their spouses weren’t their first choice; they weren’t even the second choice. According to the survey, caregivers find the most support from friends and family members.