Very good article, but unfortunately too many don't stop to think what happens to them financially if they leave work. If we asked our aging parent 20 years ago should we quit work to care for them, I bet their answer would be "of course not".
I always keep this bit of information available in case someone asks if they should quit work to stay home to be a caregiver as it is an eye opener.
Here are some things to think about if one is trying to decide whether to quit work to care for an aging parent.... on average if a working person quits work he/she will lose over the years between $285,000 and $325,000 which includes not only loss of salary over those years... it also includes the net worth loss of the health insurance coverage.... loss of money being put into Social Security/Medicare..... loss of other benefits such as matching 401(k).... profit sharing.... workman's comp insurance.... company sponsored life insurance.... vacation pay, sick pay.... tuition assistance, etc. [source: in part Reuters 5/30/12]
Good article! Quitting my job WAS a last resort for me –I loved to work. And, after doing so, what was probably the hardest decision of my life was made much harder with a backlash of a couple months of serious depression –something I had never faced before. I am so lucky to have a supportive husband who encouraged me to leave my job to care for my Mom and Best Friend; who was already living with us due to her advancing dementia.
Because of Mom, we all win in this household. After a couple months of feeling sorry for myself, I started marketing my husbands wood-turning hobby, selling his beautiful Yarn Bowls for Knitting & Crochet Enthusiasts on etsy. And, although I never wanted to work from home, we inadvertantly ended up with a very successful and rewarding business from our home enabling me to work and give Mom the loving care she so deserved!
I've told my story here before; and, I know that most folks don't have a super talented husband or graphic design/marketing skills. However, there are many growing opportunities for folks to work at home –check out flexjobs.com for just one example. Having "a reason to get up in the morning" and do more than be a nurse, laundress, cook, chauffeur and advocate for your loved one will boost your self esteem, make for a much happier life and home, and possibly provide some extra income to tuck away for some day in the distant future when you're free to follow your dreams...
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Tips for Family Caregivers Who Are Considering Leaving Their Job
I always keep this bit of information available in case someone asks if they should quit work to stay home to be a caregiver as it is an eye opener.
Here are some things to think about if one is trying to decide whether to quit work to care for an aging parent.... on average if a working person quits work he/she will lose over the years between $285,000 and $325,000 which includes not only loss of salary over those years... it also includes the net worth loss of the health insurance coverage.... loss of money being put into Social Security/Medicare..... loss of other benefits such as matching 401(k).... profit sharing.... workman's comp insurance.... company sponsored life insurance.... vacation pay, sick pay.... tuition assistance, etc. [source: in part Reuters 5/30/12]
Because of Mom, we all win in this household. After a couple months of feeling sorry for myself, I started marketing my husbands wood-turning hobby, selling his beautiful Yarn Bowls for Knitting & Crochet Enthusiasts on etsy. And, although I never wanted to work from home, we inadvertantly ended up with a very successful and rewarding business from our home enabling me to work and give Mom the loving care she so deserved!
I've told my story here before; and, I know that most folks don't have a super talented husband or graphic design/marketing skills. However, there are many growing opportunities for folks to work at home –check out flexjobs.com for just one example. Having "a reason to get up in the morning" and do more than be a nurse, laundress, cook, chauffeur and advocate for your loved one will boost your self esteem, make for a much happier life and home, and possibly provide some extra income to tuck away for some day in the distant future when you're free to follow your dreams...