How much does caregiving really cost?

No one wants to think about a loved one needing long term care. However, many of us will be prevented from earning an income, or be forced to reduce our income, if we are required to perform Caregiving activities for a relative. The majority of caregivers work full or part-time and of those the majority has to make work-related modifications. These modifications include:

• A demotion to a less demanding job
• Part-time Vs. Full time assignments
• Unexcused leaves of absence
• Choosing early retirement and/or giving up work entirely.

The calculator below allows you to look at the actual amount of lost wealth related to your having to provide Caregiving responsibilities for a loved one. The calculator will factors it will report on are:
Lost Wages
Lost Savings Income
Lost Investment Income
Lost 401k Income (if you have a 401k Plan)
Lost Employer 401k Matching Income
Lost Social Security Benefits
Total Value of Lost Use of Money

The calculator assumes you will reduce your work schedule by 25%, reducing your wages, savings, investments and 401(K) contributions by 25% as well.

Please answer the questions below to determine how much potential wealth you might lose if required to scale back your work hours to perform Caregiving activities. And please select between your estimated monthly Caregiving costs or the number of one-way travel hours spent in traveling to care for your loved one. The calculator will compute an out of pocket cost estimate for you.

Reduction of work schedule: 10 20 30 40 50 60 70 80 90 100 %

Before reduction due to caregiving responsibilities:		After reduction:
Monthly net (after tax) income	$	$
Amount of monthly savings	$	$
Amount of monthly investments	$	$
Amount of monthly 401(k) contributions	$	$
401(k) employer matching contributions	$	$

Estimated annual income increase	%
Estimated annual interest rate on savings:	%
Estimated annual rate of return on investments:	%
Estimated annual growth on your 401(k):	%
Number of years expected to work a reduced schedule:	years
Current Age:	years
Anticipated Age at Retirement:	years

Please provide ONE of the following:
	Monthly caregiving costs Estimate the amount of money you spend each month providing caregiving services. Be sure to include the cost of care services, food, medical supplies, pharmaceuticals, long-distance calls and travel.	$
- OR -
	Number of one-way travel hours If you choose to have the calculator estimate your expenses, simply enter the number of hours you must travel one-way to care for the person. The calculator will compute an out-of-pocket cost estimate for you.	hours
Value of the Lost Use of Money:		%