Leaving the workforce to care for a loved one can cost $295,000 in lifetime income

At 72, Susan Freeman works four days a week at her sister’s store with little savings to fund her retirement. She left her job to care for her mother after a stroke, sold her pizzeria, and lived on disability and her husband’s income. Her mother moved to a nursing home in 2015 and passed away in 2019. Freeman says she does not regret caring for her mother, but admits the financial toll was severe. Edward Jones research shows 25% of caregivers left their jobs, and 95% are worried about retirement security. The Urban Institute estimates unpaid caregivers forgo an average of $295,000 in lifetime income. Lost earnings translate to smaller Social Security benefits and weaker retirement security.