Raiding Your Retirement to Pay for Caregiving

In a stark illustration of the financial sacrifices that older Americans make when caring for a loved one, nearly 1 in 5 caregivers say they’ve had to raid their retirement savings as a result of taking on this responsibility, according to a recent study.

But while the direct and indirect costs of caring for a relative or close friend can be great, families often overlook resources that can lighten their financial burden, says a financial planner who works with clients on eldercare issues.