The following content originally appeared in an article by Brian O'Connell on the popular financial site TheStreet.com on December 10, 2015.
Women Face Outsized Financial Risks Taking Care of an Elderly Relative
Women in the "sandwich generation" are hit doubly hard when it comes to planning for their financial futures, says Lauren Klein, a financial planner who specializes in helping female clients manage their money.
"In many cases, they are out of the workforce caring for multiple family members-most often their own children and an elderly parent or other relative," Klein says. "This situation creates trap doors for female caregivers that can haunt them down the road."
"Time out of the workforce is often the biggest trap door of all," Klein adds.
"As a caregiver, not only do you miss out on immediate income, but your time out—which is much different than time off—creates lasting issues over the long term," she explains. "No earned income means no earned Social Security benefits and less income in retirement. And because women generally live longer than men, this means you are likely to outlive your partner—and you'll have less money to support yourself in your own elder years."