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    samarakeisler6
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    <p class=”mol-para-with-font”>Giving up work at 50 to care for a loved one can cost you almost £500,000 in lost income, new research reveals.</p><p class=”mol-para-with-font”>Taking a five-year break to look after ill or frail relatives can set you back £150,000, if you earn the UK average annual income of around £29,000.</p><p class=”mol-para-with-font”>Even switching to part-time work for five years will take a £55,000 chunk out of your potential earnings, according to figures from financial services firm Hargreaves Lansdown.</p><div class=”artSplitter mol-img-group” style=”style”> <div class=”mol-img”> <div class=”image-wrap”> Caring duties: How do you protect your finances when looking after ill or frail family members? </div> <noscript> Caring duties: How do you protect your finances when looking after ill or frail family members? </noscript> </div> <p class=”imageCaption”>Caring duties: How do you protect your finances when looking after ill or frail family members?</p></div><p class=”mol-para-with-font”>An estimated 6.5million people in the UK are carers, and experts believe many more people have started carrying out caring duties for loved ones during the coronavirus pandemic. </p><p class=”mol-para-with-font”>So how to make pen ink last longer on skin do you protect your finances in this situation? Read a guide to mitigating the impact below.</p><div><div data-track-module=”am-related_carousel^related_carousel” data-track-selector=”.rotator-panels a:not([class*=external])” data-dm-rotator-rotate=”false” data-track-pos=”static” data-dm-rotator-auto-init=”” id=”p-20″ class=”related-carousel with-fb-or-tw money” data-dm-rotator-active-class=”active” data-dm-rotator-page-count=”1.0″ data-dm-social-article-auto-init=”” data-dm-rotator-page-size=”1″> <div class=”rotator bdrcc”> <div class=”rotator-title”> <h2>RELATED ARTICLES</h2> <ul class=”rotator-pages link-xocc”> <li class=”rotator-prev”>Previous

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  • <span>Are you a carer missing out on valuable state pension…</span> <span>I want to lend my parents money to upsize to a better home…</span> <span>Do I have to reimburse the council £16,000 of my late…</span> <span>Could YOU get care fees 100% funded? Find out the six key…</span>
  • </div> <div class=”fb”> <h2>Share this article</h2> <div class=”big-share”><span class=”wai”>Share</span></div> </div> </div> <div class=”related-partners money”> <div class=”bdrcc”> <h2> HOW THIS IS MONEY CAN HELP </h2> <ul class=”link-xogr1 linkro-ccox cleared”> <li class=”full-width”> <span>Find a financial adviser you can trust with This is Money’s help</span> </div> </div> </div><p class=”mol-para-with-font”>Sarah Coles, personal finance analyst at Hargreaves Lansdown, says: ‘While being able to help those we care about may be priceless, it’s not cost-free.

    It could mean up to half a million pounds in lost income.</p><p class=”mol-para-with-font”>’We tend to think of the cost of care being the price we pay for professional help, but if we step in to offer informal help to our loved ones, this comes with a hefty price tag too.</p><div class=”art-ins mol-factbox floatRHS money” data-version=”2″ id=”mol-1282a2e0-c3aa-11eb-bee1-9d83387b8db4″ website carers lose huge sums in income – how do you mitigate this?

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