When a loved one needs us, we want to be there. Caring for a parent, a family member or a friend can be one of the most rewarding and important experiences ever.
It can also be … draining.
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Family caregivers spend 20 percent of their income — an average of nearly $7,000 — on out-of-pocket costs related to caregiving, according to a new AARP Research report. The research was done this past summer and included men and women who are currently providing unpaid care to a relative or friend aged 18 or over.
“It’s not an easy job,” said Dayna Steele of Houston, Texas. She is the author of the book, “Surviving Alzheimer’s with Friends, Facebook, and a Really Big Glass of Wine.” “First, it is the emotional toll it takes. You know it is going to be bad, but you are stunned at just how bad once you get into it. Then it is the physical toll it takes — you are exhausted trying to take care of everything, still run a business, take care of kids, make a living, etc. — and this becomes a 24/7 endeavor.”
Right now, more than 40 million Americans are serving in a family caregiver role.
[lz_bulleted_list title=”Help for Caregivers” source=”http://www.aarp.org”]The bipartisan Credit for Caring Act would help provide some of the financial breathing room caregivers need, with a federal tax credit of up to $3,000 for those who are eligible. AARP and other national organizations are supporting this bill.[/lz_bulleted_list]
“In the past, AARP has tallied what society would be paying for the labor that family caregivers so willingly donate: In 2013, about 40 million family caregivers provided 37 billion hours of care worth an estimated $470 billion to their parents, spouses, partners, and other adult loved ones,” the organization noted on its website.
Family caregivers spend an average of nearly $7,000 on out-of-pocket costs related to caregiving — or nearly 20 percent of their annual income.
What hadn’t been tallied or anticipated was the significant amount of money family caregivers often spend of their own money as part of their contribution.
To cover the extra expense, many caregivers cut back their own retirement accounts, leisure spending, eating out, and vacation costs.
“No one is prepared. No one is saving money. We live in a country where a $400 emergency would floor most people. Taking a loved one to the doctor and various appointments — heck, you’ll spend $400 alone in parking fees. People need to start emergency funds now, at any age,” advised Steele.
Related: Holding Onto Mom After Alzheimer’s
The need for family caregivers is only going to grow in this country. The U.S. will soon have the largest elderly population in its history — and there simply aren’t enough other resources available to care for the aging, disabled, and chronically ill.
“You MUST have a community. Even if it is just one person,” said Steele. “You can’t do this alone. It’s too hard physically, financially, and emotionally. Sometimes it is someone who will listen and let you rant. Ask for help.”
She noted that caring.com offers free support groups and information. “Read as much as you can [about this] — but human contact, someone who has gone before you, is best.”
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