Friday, July 15, 2011

Caregiving Costs to Working Caregivers

Almost 10 million people age 50 and above care for their aging parents in the United States.  The MetLife Mature Market Institute has published a report based on data from the the 2008 panel of the National Health and Retirement Study (HRS).  This report is called "The MetLife Study of Caregiving Costs to Working Caregivers: Double Jeopardy for Baby Boomers Caring for Their Parents".  Here are some highlights from this study:
  • the percentage of adults providing financial assistance or personal care to an aging parent has tripled in the last 15 years.
  • approximately a quarter of all adult children (mainly baby boomers) provide care for a parent.
  • The overall cost in lost wages, pensions, and social security benefits for all of these caregivers is nearly 3 trillion dollars.
  • the average female caregiver loses $324,044.
  • male caregivers average a loss of $283,716.
  • caregivers age 50 and above are more likely to have fair or poor health than people who are not caregivers.
The full report can be read here.

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