The Cost of Caring For Aging Parents

caringforagingparentThe costs involved with caring for aging parents does not just include the cost of providing care such as with a home caregiver or other arrangements, but the cost to a person’s earning potential due to less time available to work and the emotional and physical toll it can take. Read on to learn more, and thanks for visiting us at Advocare of South Florida. We provide care management to area seniors of North Palm Beach, West Palm Beach, Palm Beach Gardens, Jupiter and Palm Beach Island. 

As the best-selling author Gail Sheehy famously documented in her 2010 book, “Passages in Caregiving,” caring for an ailing loved one can be an overwhelming, chaotic and stressful task. Sheehy learned that lesson firsthand while taking care of her husband as he fought cancer for over 10 years.

Four years after her book came out, the challenge Sheehy described is even more common among women in their 40s, 50s and 60s, and can be particularly difficult for those who are simultaneously raising children and holding down jobs. A report released this summer, “Caught in the Middle: How Does the Sandwich Generation Woman Not Get Squeezed?” from the Family Wealth Advisors Council, a network of fee-only wealth management firms, found that the typical sandwich generation woman in her 40s or 50s spends at least 20 hours a week raising children or caring for aging family members while also working at least a part-time job. The stress of it all can hurt her health and longevity, as well as cause her to lose an average of $324,044 in lost earning power and Social Security benefits.

“The stress extends beyond the immediate situation. Do you sell the house? How much for? What do you do with the proceeds? Even something as simple as helping someone get a house on the market has all these trickle-down decisions. That’s what’s so complicated and stressful for the sandwich generation,” says Sharon Allen, president of Sterling Wealth Management in Champaign, Illinois, and co-author of the report.

Research conducted among 1,880 staff members at the University of Rhode Island by Barbara Silver and Helen Mederer​, work and family researchers at the school’s Schmidt Labor Research Center, found that 1 in 3 workers currently face elder care responsibilities, and that figure is growing, with 45 percent of workers anticipating having elder care responsibilities in the next five years. Meanwhile, 43 percent of the workers in the survey faced child care responsibilities, and 12 percent had both child and elder care obligations.
Continue reading HERE.

Comments are closed.