Nearly half of Americans save for retirement while raising children and caring for aging adults. As University of Arizona employees, family caregiving can change retirement plans. It affects when people retire, how much they save, and what retirement looks like.

The Caregiving and Retirement Experience

Jennifer, 58, Academic Affairs:* Jennifer planned to retire at 65 with full benefits. When her mother was diagnosed with dementia, everything changed. She now considers early retirement to provide full-time care, despite reduced benefits and savings.

Mike, 52, Facilities Management:* Mike switched from the Optional Retirement Plan to ASRS when his wife was diagnosed with multiple sclerosis. He needed better health benefits, but had to restart his retirement timeline.

Lisa, 61, Student Services:* Lisa spent months coordinating her father's care before realizing she was a caregiver. She now spends 20 hours weekly on his care while working full-time. Her retirement date keeps getting pushed back.

*Names and department affiliations are fictional, but employees have relayed similar experiences during caregiving consultations.

How Caregiving Changes Retirement

Research shows 60% of caregivers cut work hours or leave jobs early. One-third stop putting money into retirement accounts. The average caregiver spends $7,200 per year on care costs. If intensive caregiving begins during peak earning years, people could have 40-90% less retirement money by age 65.

Finding Meaning and Purpose

Many people discover deeper relationships with loved ones, experience meaningful engagement and enriched relationships, develop new navigation skills, and find a sense of purpose in retirement. Caregiving keeps people active and engaged. Beyond the practical tasks, caregivers create deeper connections with loved ones by spending quality time together as a family, not just as caregiver and patient. These moments might include sharing meals, watching favorite movies, or looking through old photo albums. These moments create new memories while honoring shared history.

Caregivers also connect with a caring community of others on similar journeys. Fellow caregivers understand challenges and celebrate small victories together. Together, people learn to adapt to activities and find joy in what matters most, time spent with those they love, even when it looks different than before. Maybe that trip isn't out of reach, but requires adjustments to accommodate caregiving needs or arranging respite care. The same applies to trying new hobbies, pursuing interests, or exploring new professional directions.  This may all be possible with thoughtful planning and flexibility.

Making Retirement Work 

Consider Alternative Approaches. We plan to write a chapter about our life experiences, focusing on certain milestones. Still, we wind up composing something else, as can happen with other milestones in life, like starting college, beginning careers, getting married, or having children. Retirement and caregiving often unfold differently than planned. Caregiving is another life milestone. 

Remember that taking care of oneself is essential. As with any stage of caregiving, during retirement, self-care is vital. Good care for others isn't possible when neglecting personal health. Set boundaries, ask for help, and maintain activities that restore energy.

Finding ways to recharge is non-negotiable. It doesn't have to be big; 15 minutes of exercise, reading a chapter, or cooking a healthy meal can shift mindset. One caregiver started taking morning walks while her husband rested, a small act that cleared her head. Don't shy away from professional support. A therapist can offer coping strategies tailored to specific situations, primarily when guilt or stress builds up. Support groups are another lifeline.  Connecting with others who understand challenges can ease isolation and provide practical tips from their experiences.

Build Support: Include all family members in caregiving duties. Find professional respite care services. Keep social connections. Have ongoing conversations with family members about "what matters" to everyone involved in the care plan. These discussions about values, priorities, and quality of life goals provide power and control when leaning into caregiving decisions. Regularly revisiting what matters most to loved ones and to caregivers helps guide choices about care options, living arrangements, and how to spend time together. These conversations become especially important as circumstances change during retirement milestones.

Plan Financially: Research home care, assisted living, and other senior care options. Know financial and legal situations, as with any significant life milestone, plan for the worst-case, best-case scenarios, and everything that may be in between. Consider what happens if care needs increase suddenly, if health improves unexpectedly, or if circumstances change gradually over time. Plan for emergencies like hospital stays but also prepare for positive outcomes like successful treatments or a stable period. Some key programs to consider with caregiving and retirement include Medicaid, Medicare, Veterans Benefits, Social Security, and tax deductions.

Take Action This Week

• Meet with U of A retirement advisors about new timelines
• Contact TIAA, Fidelity, or ASRS about how reduced income affects specific plans
• Review leaves balances and policies with supervisors
• Use the "Creating a Care Plan" resource for family conversations

Writing the Next Chapter

Retirement caregiving is a natural transition into retirement with purpose and family connection. Caregiving changes original retirement plans but often brings unexpected rewards. Many people find deeper family connections and real accomplishment. Being grateful for the chance to give back to those who provided care transforms the experience. Caregiving isn't a detour from retirement. It might be one of retirement's most meaningful destinations.

University of Arizona Human Resources Support

Human Resources/Life and Work Connections

• Employee assistance counseling
• Individual caregiving consultations
• Legal and financial connections
• ComPsych resources and "huddles"
• CredibleMind resources for caregiving and retirement
• Retirement planning guidance
• Retirement plan comparisons
• Leave Specialists
• Benefits Counselors

Retirement Advisors

• TIAA representatives (Optional Retirement Plan members)
• Fidelity advisors (some departments)
• ASRS specialists (state employees)

Community Resources

Local Support: Area Agencies on Aging, Pima Council on Aging, local support groups, faith-based organizations

National Organizations: AARP caregiving resources, Family Caregiver Alliance, National Council on Aging, Caregiver Action Network