Nearly half of those surveyed report being unable to meet basic living expenses in the past year due to caregiving costs.
Meeting basic living expenses is tough enough when you go it alone. But what about when you have someone else to look after?
Men are also playing a more active role in caregiving, according to the study. For instance, in 2023, 45% of self-reported caregivers were women while 55% were men. That’s in stark contrast to 2020, when 64% of self-reported caregivers were women and 36% were men. The sandwich generation is also taking steps to prepare themselves for their own children to take care of them in the future. Around 42% report setting aside $43,136.67 on average.
I’m 58 and I have $700,000 in 401s and IRAs. I have no credit card debt, no auto loan payments and no student loans. I sold my home in California and paid cash for a house in Texas, so I have no mortgage. I’m retired military and bring in about $2,200 per month after taxes. The post Ask an Advisor: How Do I Cover $3,000 in Monthly Living Expenses? I’m 58 With $700k in Retirement Savings, But I Won’t Collect Social Security for 7 Years appeared first on SmartReads by SmartAsset.
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