How Latina Caregivers Can Build Retirement Security
Sep 27, 2024
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AARP.org | By Katharine A. Díaz, AARP | Photo Jessica Pons
Enma Espinoza had to make some tough financial decisions during the 15 years she was caring for her husband, Frank, who had dementia.
“We had to withdraw from our bank savings, IRA and other accounts to be able to provide for our own needs,” says Espinoza, 73, a native of Ecuador who has lived in Los Angeles since the early 1970s. On top of that, she quit her data-entry job to devote herself to caregiving.
“I had to take early retirement because we needed the money,” she says. “I stopped contributing to Social Security, my retirement or pension plan. Early retirement does not pay full benefits. I was receiving less money just when we needed it the most.”
Frank died in January 2024. Espinoza has no regrets: “I was able to give Frank, the love of my life, the best quality of life possible. We spent a lot of precious moments together.”
The choices she faced are familiar to tens of millions of family caregivers across the country, two-thirds of whom have difficulty balancing work and caregiving duties, according to a May 2024 report from AARP and S&P Global.
