Remember we all have a 70% chance of needing care before we die. Not a pleasing thought.
The number of adult children over 50 who are caring for their parents is estimated to be 10 MILLION in 2008.
What does it cost the caregiver to provide this service to their parents? A Wall Street Journal article on June 14, 20111 estimates the cost to the care providers who are 50+ averages over $300,000. This comes from lost wages, pension and social security benefits. There is no measure for the increased stress, depression, and other physical ailments experienced by the caregiver.
If you plan to be the caregiver, understand the personal, financial and physical cost to you.
There are planning options that may lighten the burden for a family caregiver. Discuss your family situation with a Certified Elder Law Attorney to explore ways to make the best of a difficult family situation.
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1 "Toll of Caring for Elderly Increases," by Kelly Greene, The Wall Street Journal, June 14, 2011, page D3.