If they have significant assets and don’t outlive their savings, you may even recoup some of the financial resources you gave up by inheriting part of their estate when they die. Yes, stepping in to help your aging parents may feel good and help them save money. Many caregivers don't think about the long-term effects of this choice, but it’s crucial not to forget about or ignore your own financial future. However, caregiving can drag on for months and even years. While the benefits seem straightforward enough, the true costs of deciding to quit your job to care for Mom or Dad are much more complex.Ī deficit in or loss of monthly income is likely the biggest factor in this decision, and that change can usually be tolerated on a temporary basis. The Costs of Quitting a Job to Care for Elderly Parents Caregiver burnout, financial strain and changes in health and relationships can severely undermine even the best laid care plans. For others, these benefits are simply unattainable ideals. For some, these benefits are realistic yet short-lived. Keep in mind that every family is unique. You may be even able to deepen your relationship with your parents and grow closer to them. You could likely delay, if not eliminate, their need for nursing home care.
You wouldn’t have to worry about the quality of care they are receiving from outside sources.
You could potentially save them from paying for in-home care or adult day care. You would benefit from knowing firsthand how they are faring day and night. You already know what may be gained by giving up your job and becoming the primary full-time caregiver for your parents.
The Benefits of Leaving Work to Care for a Family Member
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