Online Calculator Helps Parents Decide Between Work Or Staying Home

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PITTSBURGH (KDKA) - The average American spends hundreds or even thousands of dollars a month in childcare costs. That forces parents to choose between working or staying home.

But, you could be losing more than your paycheck if you leave your job.

Economist Michael Madowitz says leaving your job is not always the best choice. Faced with the same decision after having two kids, Madowitz built a wage calculator to measure the impact of staying home to care for his children.

He found the losses add up to more than just salary for moms and dads.

"It actually affects how fast your wages grow over time and has really significant effects on retirement savings," he said.

The calculator considers factors such as age, gender, current salary and how long you take off. Then, it tallies how much you will potentially lose in wage growth, retirement benefits, stock options and salary over your lifetime.

To check out the calculator and try it for yourself, click here.