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Retirement Security: Some Parental and Spousal Caregivers Face Financial Risks

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Report Type Reports and Testimonies
Report Date May 1, 2019
Release Date May 31, 2019
Report No. GAO-19-382
Summary:

About 10% of Americans per year cared for an elderly parent or spouse from 2011 through 2017. These family caregivers may risk their long-term financial security if they have to work less or pay for caregiving expenses such as travel or medicine.

More than half of people who cared for parents or spouses said they went to work late, left early, or took time off for care

Spousal caregivers at or near retirement age had less in retirement assets or Social Security income than non-caregivers

Experts and studies identified ways to potentially improve caregivers' retirement security, such as increasing their Social Security benefits

Family Caregivers in 2011-2017: Who Received the Care?

Bar chart showing most caregivers are caring for an elderly parent.

Bar chart showing most caregivers are caring for an elderly parent.

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