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Notes From the Fieldby Martin Weil

June 16, 2011

Parental Caregiving on the Rise

Nearly 10 million adult children over the age of 50 care for their aging parents, at an average cost of $324,044 in lost wages and Social Security benefits for women and $283,716 for men…

This according to a study by MetLife and others cited in Financial Planning. The study finds that 25% of women and 15% of men over the age of 50 were providing financial, or direct personal care, support to aging parents, at a time when these adult children need to be critically focused on their own retirement savings needs.

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