In a recent article by Kelli B. Grant at CNBC, an estimated 43.5 million American adults work as unpaid caregivers; most are age 50 and above.
It used to be that large families pulled together resources to care for parents and grandparents, but with today’s smaller families, the care is spread among fewer children. Yes, we face a situation today of fewer caregivers for a growing population of the elderly!
$5,500 is the average out of pocket expense for caregivers, but a TD Ameritrade survey puts the annual support figure closer to $13,000 to help mom and $8,500 for dad.