I got a bit of a head start on Father's Day last Wednesday with the Weekly Tax Tip about tax help in taking care of dad as he gets older.
Those of us lending a hand to aging parents will need all the financial assistance we can get, according to a new report that says Americans who take time from work to look after (or even just look in on) an older dad or mom lose an estimated $3 trillion in wages, pension and Social Security benefits.
The MetLife Study of Caregiving Costs to Working Caregivers: Double Jeopardy for Baby Boomers Caring for Their Parents reports that in doing their familial duty, sons and daughters each forgo hundreds of thousands of dollars.
By leaving the labor force early and/or reducing their work hours of work to tend to parental care giving, women on average lose $324,044 and men lose on average $283,716.
Part of the reason for the trillions of dollars total in lost income is that, according to MetLife's data, nearly 10 million adult children age 50 or older now care for their aging parents. Put in a somewhat more alarming perspective, the percentage of adults providing care to a parent has tripled since 1994.
Dancing with Dad: I didn't mean to be a buzz kill on this day of celebrating with dad. So here's a happier Father's Day scenario.
The girls in the video interpretation of Lady Gaga's "Just Dance" below (thanks to Business Insider for the tip) won't have to worry about taking care of their dad for a while.
Their father, who was the video's producer and made some enthusiastic cameo appearances, not only is quite young, but looks to be in very good shape as well as high spirits.
Here's hoping you have as good a time today with your father or father figure.
Finally, to keep the entertainment going, check out these looks at some of television's best and mostly worst dads from Gunaxin, The Hollywood Reporter and Television Without Pity.
Related posts:
Want to tell your friends about this blog post? Check out the buttons — Tweet This, Reblog, Like, Digg This and more — at the bottom of this post. Or you can use the Share This icon to spread the word via e-mail and online avenues. Thanks!
