WI25-11: Financial Security and Retirement Preparedness Among Midlife and Older Parents of  Children with and without Developmental Disabilities: An Intersectional Approach

Parenting a child with a developmental disability can be profoundly challenging. The care needs of individuals with developmental disabilities are extensive, posing significant financial burdens on families. Past studies about financial well-being primarily focus on families with younger children with developmental disabilities. Yet, developmental disabilities are lifelong in nature and most parents continue to support their children even after they reach adulthood. Having a child with a developmental disability likely has significant implications for the financial security of aging parents, particularly as they prepare for and enter retirement. In the present study, we will assess the financial well-being (e.g., debt, assets, savings) of midlife and aging parents of children with developmental disabilities as compared to parents of children without disabilities drawn from a national sample. We will also examine whether having a child with a developmental disability exacerbates racial differences in financial well-being among midlife and older parents. The quantitative analysis will be enriched by in-depth interviews with parents of children with developmental disabilities from different backgrounds and representing diverse lived experiences. The findings from this study will inform the Social Security Administration about the financial well-being and unmet needs of this understudied population of caregivers.