The Financial Impact of Caring for Aging Parents
As average life expectancy continues to grow longer, more and more of us could be faced with the task of dealing with aging parents. There are many components to this type of care. And while you may have considered how to go about arranging care to help with your parents' day-to-day activities, you may have overlooked the financial impact caregiving can have. The financial cost of caregiving for you and your family depends on the level of care you give and your family's status. According to the National Alliance for Caregiving and AARP (American Association of Retired Persons), there are over 22 million US households caring for a friend or relative over the age of 50, with 41 percent of those caregivers having children of their own, meaning that many caregivers carry out dual caregiving roles.