The Astronomical Cost of Elder Care

The average age of death has shot from 68 to 79 between 1950 and today. As you can imagine, that has had a massive impact on the cost of care for the elderly. While it might seem like a good idea to drop out of the workforce to care for our own aging family members, there’s a huge cost to doing so. Foregone wages over several year period, coupled with lower wages once returning to the work place, can put a huge financial strain on families. Not to mention, it perpetuates the problem…causing your children to have to make the same decision that you made for your parents. Think long and hard about costs, both tangible and intangible, of care for your aging parents before just assuming it’s best to stay home and do it yourself.

This article from NPR illustrates the problem and touches on a few potential solutions.