The Hidden Struggle: The Impact of Caregiving on Retirement Savings

In a recent article, Herb Weiss highlights a troubling finding from the 33rd annual Retirement Confidence Survey (RCS), which suggests that caregivers are more likely to have lower levels of assets and more likely to have problems with debt than non-caregivers. Because of this they are also less likely to have saved for retirement and are more likely to retire earlier than planned for reasons out of their control, which can reduce the lifestyle of caregivers in retirement. This has immense implications for RI’s estimated 121,000 caregivers. 

Key Findings 

  • 25% of caregivers have less than $1,000 in savings and investments, compared to 15% of non-caregivers. Additionally, 36% of caregivers consider debt a problem, while it’s 48% among non-caregivers.
  • 55% of working caregivers and 37% of retired caregivers provide financial support to the recipients of their care, with a significant portion giving between $5,000 to $14,999 in the past year.
  • 66% of working caregivers report negative effects on their mental health, and 57% on their physical health. Many also struggle to save for emergencies and find it difficult to work the hours they desire.
  • Caregiver retirees are more likely to report that their overall lifestyle in retirement is worse than they expected, compared to non-caregiver retirees. Specifically, 31% of caregiver retirees express this sentiment, while it’s 20% among non-caregivers.


To learn more about the survey and steps to support this critical role, click HERE