The Crushing Financial Burden of Aging at Home - WSJ

Soaring costs of in-home care, medical advances that extend lives but require ongoing help, and the growing ranks of older baby boomers are creating new pressures. Spouses, adult children and siblings are putting their lives on hold to care for relatives, wrestling with sleep deprivation and constant worry. Families are draining savings to hire help, pay for medical care, and modify homes.  

More than 11,000 people in the U.S. are turning 65 every day and the vast majority—77% of Americans age 50 and older according to an AARP survey—want to live as long as possible in their current home. At some point, many will need help. About one-fourth of those 65 and older will eventually require significant support and services for more than three years, according to the Center for Retirement Research at Boston College. 

Even when loved ones need round-the-clock care for many years, families provide about half the care hours, says Anqi Chen, senior research economist at the center. “It’s a very large burden on them,” she says.

via www.wsj.com

Well this is jolly.