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HerMoney with Jean Chatzky

Ep 241: Leaving Work To Care For Loved Ones: What You Need To Know

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Business

4.71.5K Ratings

🗓️ 25 November 2020

⏱️ 49 minutes

🧾️ Download transcript

Summary

Many women leave the workforce to care for someone they love. But how do we do it while compensating for our lost savings opportunity? Even a one year career break can mean $160,000 less by retirement. Kathy Murphy, President of Personal Investing at Fidelity Investments, offers real solutions for weighing the pros and cons of a career break, and shares concrete steps we can take to reduce the financial impact. In Mailbag, saving in an emergency fund, second act careers, and helping a parent save for retirement. In Thrive, getting reimbursed for work-from-home expenses.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

You're listening to an airwave media podcast.

0:05.0

In this pandemic, I think employers have seen the importance and the benefit of being more flexible of helping their employees more.

0:15.0

And so call your employer and say,

0:18.0

hey, if I do want to continue to work,

0:21.0

but I can't do it at the pace I'm doing it.

0:23.8

Are there more flexible arrangements?

0:25.7

Is there a part-time schedule that can work for me?

0:28.2

Is there job sharing?

0:29.7

And what about other benefits that can help me manage through this situation? Her money is supported by Fidelity Investments.

0:45.0

Whether you're celebrating a milestone or adjusting to the unexpected,

0:50.0

Fidelity's there to help you navigate life's important moments with confidence.

0:55.0

Visit fidelity.com slash her money to learn more.

1:01.0

Hey everybody, I'm Jean Chatsky. Thank you so much for joining me today on Her Money.

1:08.0

I am quite excited actually for today's episode because we're going to be talking about something

1:15.5

that I think every single working woman has done or has considered or has struggled with, myself included, we're going to be talking about what happens

1:28.1

when we leave the workforce to care for the people that we love most because 75% of all caregivers are women

1:37.7

and that was before the pandemic hit when those closest to us need us to give the care they require or when budgets dictate

1:45.7

that there is simply no other option.

1:48.2

What do we do?

1:49.2

How do we do it?

1:50.2

How do we make a plan to eventually get back to work?

1:52.1

How can we compensate for the income and

...

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