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Aging Parent Care Costs Jump 60% Since 2021
29 Oct
Summary
- Caregivers now spend over $11,500 annually, a 60% increase since 2021.
- Housing and healthcare are the largest financial burdens for caregivers.
- Many caregivers' jobs and retirement savings are impacted by costs.
Caregivers are shouldering a significantly higher financial burden, with annual out-of-pocket costs averaging over $11,500. This represents a nearly 60% increase since 2021, according to a recent AARP study. These expenses place a considerable strain on caregivers' own economic security.
Housing and household costs, including rent and mortgage payments, constitute the largest portion of these expenses, averaging nearly $4,800 annually. Healthcare costs, such as insurance premiums and medical supplies, are the second-largest financial concern for those providing care.
Beyond the financial toll, caregiving responsibilities often impact caregivers' professional lives. Nearly two-thirds of working caregivers reported that their caregiving duties affected their jobs, leading some to reduce hours or leave the workforce altogether. This dual pressure can jeopardize their retirement savings and long-term financial stability.
