True Story Backs up MetLife's Study on the Cost of Being a Caregiver

MetLife recently published a report called “The MetLife Study of Caregiving Costs to Working Caregivers.” The study found, that on average, a working caregiver loses a total of $324,000 in terms of wages lost, and a decrease in Social Security benefits. 

Many people would look at that figure in disbelief. It IS a lot of money. I probably would have done the same, if I hadn’t recently spoken to a friend, who I’ll refer to as Trudy. Trudy and her husband are true budgeters and planners. Every year they go to their financial planner to make sure they are on track with their goals. Originally, the plan was to have Trudy go back to work once their 2 children were out of elementary school. By working for 6 years, both she and her husband would be able to retire before they turned 55.

You know how they say “life has a way of happening…...” By the time her children were in Junior High School, Trudy’s mom was in her late 80’s and developing signs of dementia. Trudy stepped in and for the next several years provided the care her mother needed until she passed away.

Their financial planner calculated that Trudy and her husband lost $325,000 over the years Trudy cared for her mom. It would appear from their experience that MetLife’s findings were, if you’ll allow me a pun, “right on the money.”