Colorado Caregivers May Find Retirement Plans Challenging

It has been well documented that family caregivers who are also still in the workforce often face daunting financial challenges and other stresses associated with the dual working/caregiving role. A June 2024 study by Allianz Life, a major insurance company, suggests that shifting patterns overall in people’s plans for retirement may increase the challenges caregivers confront. The Allianz study found that nearly half — 47% — of Americans plan to make a slow transition into their golden years rather than retiring completely, and only 38% contemplate a specific date in the future when they will stop working and start drawing down on retirement assets. At the same time, 15% told Allianz researchers they don’t see themselves ever slowing down or retiring. When broken down into age cohorts, almost 60% of boomers (age 59-77) are likely to think about retirement as a slow transition, compared to 53% of Gen Xers (age 44-59) who lean that way and 45% of millennials (age 27-43) who anticipate the slow transition. These plans are driven mostly by what people see as financial necessity. Overall, nearly 7 in 10 Americans expect to work beyond traditional retirement age to have enough money. And the average American expects to live nearly 30 years in retirement, according to the Allianz report. Staying in the workforce longer can make workers feel more financially confident that the money they have will last their whole lifetime. But this also means the twin burden of working while also providing care to a family member will last longer as well.

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