Sometimes I Feel Like a Piece of Bologna

Sunday, December 16, 2007

Are Your Parents Costing You?

Maggie Jackson writes on that “Out-of-pocket elder expenses strain caregivers' finances, lives.” She notes that Gen Sandwich caregivers spend an average of $5,500 annually of their own money in caring for a loved one over the age of 50. This data is from a study released in late November by the National Alliance for Caregiving and Evercare, a Minnesota firm that coordinates long-term care. That sum was more than 10 percent of the median household income of the 1,000 caregivers surveyed by telephone.

I know that we spend a lot without even thinking about it, but probably not $5,500. Mom is still eager and able to pay for her needs. However, we visit once a month, which is pretty costly. And I’m always on the lookout for things that will help her out. It’s true. Caregiving is costly.

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2 comment(s):

And we have what, exactly, as a better thing to spend our money on?

By Blogger Pete, at 9:25 AM  

Well, I guess that depends on 1) how much extra income people have and 2) their relationship with their parents. For some, it's a joy and not a hardship. For others, it isn't. I would suggest that for those who still have dependent children, that must be their first priority. We are fortunate to be able to afford at least some extra expenses. Others aren't. And as we age, it's important to manage our finances so we don't become a burden to our kids...

By Anonymous Pat, at 9:46 PM  

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