The Cost of Caregiving: Lost Wages, Poor Health

8:18 pm Estate Planning

A recent Pew Research Study found that nearly 40 percent of adult Americans are now caring for a parent or child with chronic health issues, which is a 10 percent increase in only three years.

So who are these caregivers?  This graphic from the report provides the demographics:

caregivers The Cost of Caregiving: Lost Wages, Poor Health

A couple of years ago, MetLife did a study on caregiving costs to working caregivers and found that:

  • Nearly 10 million adult children over the age of 50 care for their aging parents.
  • The total estimated aggregate lost wages, pension, and Social Security benefits of these caregivers of parents are nearly $3 trillion.
  • Overall, caregiving sons and daughters provide comparable care in many respects, but daughters are more likely to provide basic care and sons are more likely to provide financial assistance.
  • A majority of adult caregivers are more likely to report being in poor health compared to adults who do not provide caregiving.

If you would like to start the conversation about long-term care planning for yourself or your family, contact our Orange County law firm.

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