dailynewsnblog
Two years ago, Wendy Garvin Mayo resigned from her job as an oncology nurse practitioner to concentrate on caregiving for her mom and son.
Being pulled in two directions was more than she could take. “I quit because it was too much, especially with a micromanager boss,” Mayo, a 45-year-old East Hartford, Conn., resident, told Yahoo Finance.
The income loss, combined with an uptick in her 80-year-old mother’s caregiving bills, has had repercussions.
“I calculated that I spent $15,000 on mom in the last year alone,” she said. “And I had to stop saving for my retirement two years ago. I know I need to at least start contributing something to an IRA, but I haven’t been able to really think about that.”
Millions of Americans like Mayo are torn by the daily demands of raising children while supporting an aging or disabled family member, both financially and with physical care.
An estimated 17 million Americans — about 3 in 10 — are part of the so-called sandwich generation, caring for a child and an adult with a disability or complex medical condition at the same time, according to new research from AARP and the advocacy group National Alliance for Caregiving.
That’s up from 11 million a decade ago.
‘Younger and more economically vulnerable’
These caregivers are significantly younger than other family caregivers, with an average age of 42.
Nearly half are between 35 and 49, and about two-thirds are holding down a job while providing care.
“One of the more disturbing things for these sandwich generation caregivers is really how much they are squeezed financially,” said Rita Choula, senior director of caregiving at the AARP Public Policy Institute.
“These caregivers are younger and more economically vulnerable than other caregivers, with less of a financial cushion to absorb the costs of caregiving on top of raising children.”
They’re taking on debt, raiding their savings, and derailing their careers.
And most say they don’t have a choice.
“You don’t plan financially to become a dual caregiver,” Mayo said. “You’re thrust into being a caregiver because you have to make it happen.” While Mayo’s three siblings share in the care responsibilities, they don’t evenly divide up the financial costs of care for their mom, or the time spent caring for her.
Pair that with her 7-year-old son, who has autism and needs expensive support services like tutors.
It’s a constant struggle, Mayo said.
More than the money strain
Those outlays sting, but money isn’t the only demand.
“My son also wants a lot of my time and energy as he is growing older,” Mayo said. “I’m not always able to honor that because I have to take care of my mom.”
