C.A.R.E. (Costs, Accountabilities, Realities, Expectations) Study 2015

Northwestern Mutual

Description

Managing caregiving costs could impact lifestyle and retirement savings Source for the Additional Money to Provide Care Non-Experienced Caregivers Reduce current living expenses Withdraw money from my retirement savings Work more hours Get another job Cash in stocks/ bonds Sell property Withdraw money from my non-retirement savings Borrow against my home Stop/ reduce contributions to non-retirement savings Take out a personal loan from a bank/ lender Stop/ reduce contributions to retirement savings Borrow money from a friend Other Not Sure Percentage of Monthly Budget Allocated to Care Experienced Caregivers 48% 27% 26% 20% 19% 16% 15% 12% 10% 10% 9% 2% 3% 13% 26% Average Percent BASE: ALL QUALIFIED EXPERIENCED CAREGIVERS (Experienced Caregivers n=899) C6. Approximately what percentage of your current monthly budget goes to providing care for aging family members or friends? BASE: ALL QUALIFIED RESPONDENTS WHO ANTICIPATE PROVIDING CARE AND ANTICIPATE INCURRING COSTS DOING SO (Non-Experienced Caregivers n= 239) C3. Still thinking about any financial costs you would assume if you had to provide care, where would this additional money come from? 11 .