Baby boomers who care for parents may forfeit savings, report says

Share this article:

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.
Share this article:

More in News

Bulk of Medicaid to be managed care in two years: Avalere

Bulk of Medicaid to be managed care in ...

More than three-quarters of Medicaid beneficiaries will be enrolled in a managed care plan as of 2016, according to an Avalere Health analysis released Thursday. The numbers reveal that managed ...

Nursing home asked for employee's personal information too often, jury rules

The human resources department of a Maine nursing home did not properly protect a former employee's personal identification information, a jury recently ruled.

Test could confirm sepsis within an hour

Nursing home residents might benefit from a new way of diagnosing and treating sepsis made possible by discoveries out of the University of British Columbia.