Consider the possible hefty caregiving needs and costs over an adult’s lifetime:
- Early child care and education runs nearly $10,000 annually for the parent of a toddler, on average.
- Family caregivers spend roughly $7,000 on caregiving costs, on average, according to AARP.
- The federal law requiring many employers to provide family and medical leave is unpaid leave — and 40% of workers are excluded. So if most workers take a leave to care for a loved one, they face significant wage loss. They might lose their job, too.
- One in two people turning 65 today will need long-term care at some point; of those who’ll have significant long-term care needs, the average cost will be $266,000.
