An analysis from the Center for Retirement Research at Boston College is the first study to document how often older adult children care for an aging parent. The study found that 10 percent of adults ages 60 to 69 whose parents are alive serve as caregivers, as do 12 percent of adults age 70 and older. The study’s finding include:
- While many formal long-term care services are available, cost concerns and personal preferences lead many to rely on informal care from adult children.
- At any given point, 6 percent of adult children serve as caregivers, and 17 percent will take on this role at some point in their lives.
- Those who do provide care devote an average of 77 hours per month, which can take a toll on both the finances and health of the caregiver.
- The caregiving burden on adult children is likely to become a bigger concern as baby boomers move into their 80s.
The implications of later-life caregiving are considerable – financially, physically, and emotionally. The goal of our elder care law firm’s life care planning services is to help the caregiver child alleviate the burden.
You can read more about the study at the below link.