Baby boomers who care for parents may forfeit savings, report says
Caring for aging parents and family members could eat up the retirement savings of many baby boomers, a New York Times report found.More than 15 million adult children nationwide are providing care for their elderly parents. That includes paying part or all of their housing, medical supplies and incidental expenses. Those with the highest expenses supervise care long distance, hire in-home help and have parents who have too many assets to qualify for Medicaid. AARP released a survey last month found that most people are unaware of the costs of long-term care.
A survey by the National Alliance for Caregiving in 2004 found that half of adult children in the U.S. contribute to their parents' care. The average monthly expenditure by adult children was $200, the survey found.