Caring for aging loved ones is costing more than anyone has previously estimated. In the past the question on this subject was asked poorly and so the costs of out-of-pocket expenses was underestimated. New survey addresses the financial burden directly -- as much as 10 - 20 percent of earned income.
The out-of-pocket cost of caring for an aging parent or spouse averages
about $5,500 a year, according to the nation’s first in-depth study of
such expenses, a sum that is more than double previous estimates and
more than the average American household spends annually on health care
and entertainment combined.Of the 1,000 respondents, only 2 said they had never laid out any
money. The rest said they spent on average $5,531 a year, or 10 percent
of their salary. The burden was heavier for those who earned less, 20
percent for respondents with incomes of $25,000.
Powered by ScribeFire.