The hidden cost of an aging population
Are your parents costing you a small fortune?
You may normally think of your kids as doing a number on your bank account. But as the population ages, more and more families are taking on responsibilities for the generation before them—both care-wise and financial.
According to a recent national study, we're now spending on average about $5,500 per year to care for an aging parent. The study goes on to say that this is more than the entire household is spending each year on health care and entertainment put together!
It's those unseen expenses, such as the food and household items you purchase for them, the rides you give them to their various appointments, and even helping them purchase those multiple prescriptions, so they don't have to choose between groceries and their medications.
Meanwhile, if you don't live close to your aging parent, you can count on that annual cost being even higher since it costs money to travel to them, as well.
What is unfortunate about the study findings was that of those surveyed, many were taking on the expense literally at their own expense. Whether it was skipping vacations, taking on burdensome loans or not putting the money into their own healthcare, they seemed to be setting themselves up for their own troubles. You can practically see a whole new stage being set for the next generation.
Even worse, some of the people had to make adjustments to their own livelihoods as they either trimmed back their work hours or quit their jobs altogether.
Beyond these out-of-pocket expenses that families don't receive any credit for, there's also the emotional and physical toll that caregiver's undergo. It's not as if you can "quit" this job. Contrary to news stories that would paint everyone as selfish and uncaring, there really aren't that many folks who would be able to abandon a parent in need. Many suffer guilt if they have to place their mother and/or father in a nursing home when circumstances have moved beyond their caretaking abilities.
My best advice to my readers is to remember to take care of yourself first. It may be hard to think that way, but as you well know, you'll hardly be in a position to take care of anyone else if you don't. One patient jokingly referred to it as "staying alive to serve the ship."
Sometimes a little humor can help, as well.
