Are You a Career Extender? What Caregiving Can Mean for Retirement

Retirement Strategist Carroll Golden

You worked for decades, saved your money, collected your benefits, and eventually stepped away from the workforce.

That picture is becoming harder to recognize.

Today, many people are working beyond traditional retirement ages. Some continue because they genuinely enjoy their careers. Others want to stay engaged, build something new, or pursue a second career. And some continue working because life—and family—has changed the financial equation.

I call these people “career extenders.”

They are everywhere, and some of them may already be your clients.

Why Are People Working Longer?

There isn't one answer.

For some people, working longer is a choice. They have experience, expertise, and energy, and they aren't interested in stopping simply because they reached a particular birthday.

For others, working longer is connected to financial reality.

Retirement savings may not be enough to support the lifestyle they envisioned. Healthcare costs may be higher than expected. Inflation may have changed their assumptions. Or they may be helping adult children or aging parents financially.

Then there is another factor that doesn't always appear in a retirement projection:

caregiving.

A person may intend to retire at 65, but what happens if an aging parent needs assistance?

What happens if that parent needs extended or long-term care?

What happens if the adult child becomes the person coordinating appointments, paying bills, researching care options, or providing financial assistance?

Suddenly, retirement isn't simply about the individual's finances anymore.

It becomes a family conversation.

The Sandwich Generation Changes the Equation

Many career extenders are also members of the sandwich generation—people simultaneously navigating responsibilities involving their parents, themselves, and their children.

That creates competing demands.

You may be saving for your own retirement while helping a parent with expenses.

You may be trying to maximize retirement contributions while taking unpaid time away from work.

You may be building your career while coordinating care for someone who can no longer manage everything independently.

These responsibilities don't always show up neatly on a financial statement.

But they can have a significant effect on one.

Caregiving can influence income, career advancement, retirement contributions, savings, and even the timing of retirement itself.

The Retirement Question May Be the Wrong Question

When I work with clients thinking about retirement, I don't want the conversation to stop at:

“When do you want to retire?”

I want to know why.

What does retirement actually look like?

Will you stop working completely?

Will you consult?

Start a business?

Volunteer?

Travel?

Work part-time?

Care for family?

A retirement date is useful, but it doesn't tell the entire story.

Someone may say they want to retire at 65 but have no intention of completely leaving the workforce.

Another person may desperately want to stop working but feel financially unable to do so because of caregiving responsibilities.

Those are two very different planning situations.

Don't Forget the Cost of Caregiving

One of the biggest mistakes families make is thinking about caregiving only in terms of the cost of professional care.

There are other costs.

There is the cost of time.

There is lost income.

There may be missed promotions, reduced working hours, or an earlier-than-planned exit from the workforce.

There can also be emotional costs.

A person who spends years supporting a parent may eventually discover that their own retirement plan has been significantly altered.

That doesn't mean helping a parent is a mistake.

It means the consequences deserve to be acknowledged before the family makes decisions.

Ask the Questions Before There Is a Crisis

If you are working with a career extender—or if you recognize yourself in this description—consider asking a few uncomfortable questions.

What happens if your parent needs care?

Who will provide it?

Where will that care happen?

How will it be paid for?

What happens to your retirement contributions if you reduce your work hours?

What happens if caregiving lasts for several years rather than several months?

Would you be willing to delay retirement to help a family member?

And perhaps the most important question:

Have you actually discussed these possibilities with your family?

You don't need to have every answer.

But you should know which questions need answers.

Build a Care Squad

I encourage families to think beyond the idea of a single caregiver.

Create a Care Squad.

A Care Squad can include family members, friends, financial professionals, healthcare professionals, attorneys, community resources, and other trusted people who can contribute in different ways.

Not everyone needs to provide hands-on care.

One person may handle transportation.

Another may help with finances.

Someone else may research care options.

Another family member may coordinate appointments or communicate updates to the rest of the family.

The objective isn't to make every responsibility equal.

It is to make sure that one person doesn't quietly become responsible for everything.

Your Clients May Not Tell You They Are Caregivers

This is particularly important for financial professionals.

A client may never introduce themselves as a caregiver.

Instead, you may hear:

“I'm helping my mother with a few things.”

Or:

“We're helping my parents financially.”

Or:

“I may need to keep working a little longer.”

Those statements may sound unrelated.

They aren't.

They could be clues that caregiving is already affecting the client's financial life.

That is why advisors need to ask better questions.

Not simply:

“How much have you saved?”

But:

“Who else depends on you financially?”

“What happens if someone in your family needs extended care?”

“Who would provide that care?”

“Would caregiving change when or how you retire?”

Those questions can reveal an entirely different side of a client's financial picture.

Career Extension Should Be a Choice, Not a Consequence

Working longer isn't inherently a bad thing.

For many people, it can be an opportunity.

More years of earned income may provide additional time to save. Continued work can provide purpose, social connection, and flexibility. A second career can be personally and financially rewarding.

The problem occurs when someone is working longer because their original retirement plan didn't account for reality.

There is a significant difference between:

“I want to keep working.”

and

“I have to keep working.”

Good planning should help clients understand which situation they're facing.

Start the Conversation Earlier

We cannot predict exactly how long our parents will live, whether they will need care, or how family circumstances will evolve.

But we can prepare for possibilities.

We can talk about expectations.

We can understand available resources.

We can examine how caregiving could affect retirement.

We can build a Care Squad.

And we can make sure that retirement planning isn't happening in isolation from the rest of the family's financial and caregiving reality.

Because retirement isn't simply about reaching a certain age or accumulating a certain number.

It is about creating a plan that can withstand real life.

And real life rarely follows the spreadsheet.

A Final Thought

If you are a career extender, don't automatically assume that working longer means your retirement plan has failed.

It may simply mean your definition of retirement has changed.

But if you are continuing to work because caregiving, family responsibilities, or financial uncertainty have changed your original plans, don't ignore what that means for your future.

Your family's needs matter. Your retirement matters. And planning for one should not require sacrificing the other.

The earlier we have these conversations, the more choices we have.

That is where thoughtful planning begins.