A new study from the AARP reports that the aging population, and the care they require, is having a significant impact on many adult children. By 2050 it?s estimated that the number of people age 65 and older will more than double as baby boomers continue to reach retirement age at more than 10,000 people per day.
As the population ages, more and more children are having to spend more time caring for elderly parents. In the last five years alone about 42% of all workers in the United States report that they have spent at least some time away from work providing elder care services to family members or friends. 49% say they expect to provide such care within the next five years.
The extent of work required for many people providing elder care services can be significant. Of those surveyed in the AARP report, the average person spends about 20 hours a week providing elder care services. The average unpaid eldercare provider is a 49-year-old woman who also has a full-time job outside of the home.
The financial impact for anyone providing such care can be significant. Adding 20 hours of work to an already full schedule leaves people unable to pursue other interests or possibilities. For those who have to take off work, the lost wages and decreased chances for advancement can have a lasting effect.
The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.cheryldavid.com/blog/elder-law/careers-suffer-caring-elderly-parents/
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