Caring for loved ones could cost more than time

Jul 11, 2011

Taking care of elderly could cause financial burden

Many Americans are caring for their aging parents and as a result they may be losing valuable wages and Social Security benefits. Experts estimate that caretaking individuals are losing $3 trillion dollars, due to the fact that they are working fewer hours and some even quit their jobs altogether.

A study produced by the National Alliance for Caregiving and the Center for Long Term Care Research and Policy at New York Medical College, found that the average yearly losses for women are equal to $324,044 and $283,716 for men. The number of individuals providing care to a parent has tripled over the last 15 years.

“Nearly 1 million adult children over the age of 50 care for their aging parents,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “Assessing the long-term financial impact of caregiving for aging parents on caregivers themselves, especially those who must curtail their working careers to do so, is especially important, since it can jeopardize their future financial security.”

Individuals that have not invested in whole life insurance policies to provide financial security later in life may be losing crucial finances for their own long-term care.

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