Even if you’ve contributed regularly to your 401(k) plan and resisted the temptation to cash out, caring for a spouse, parent or other family member can derail your plans for a secure retirement.
A 2021 survey by AARP and the National Alliance for Caregiving found that nearly half of caregivers have experienced a financial setback, including reducing contributions to retirement savings or dipping into personal savings or retirement savings plans. Many caregivers are forced to quit their job—often during their highest-earning years—cut back their hours, or switch to another job that pays less but offers more flexibility.
