If you’re a caregiver and you feel like money just slips through your fingers, you’re not imagining things.
AARP found that caregivers are spending an average of $6,954 each year on caregiving.
The financial situation is most acute for several groups. Long-distance family caregivers, for example, saw the highest out-of-pocket costs, spending $11,923 annually. And those caring for adults with dementia had annual out-of-pocket costs of $10,697.
If you expect that caregiving will be a part of your life in 2018 and beyond, AARP’s findings can help you anticipate what you’ll be up against so you can factor such costs into your budget.
Caregivers don’t just feel the financial strain for the short-term. Those caregiving costs have ripple effects because caregivers often cut back on work or take unpaid time off to provide caregiving.
That puts their own retirement and funding their own future caregiving at risk.