Shining a light on Caregiving in the US.
Thanks to actor Bradley Cooper and PBS, caregiving in the US is making its way from the shadows into the light.
Of the 250 million adults over 18 in the US, 1 out of 5 is providing care giving services in an unpaid capacity. This aspect of aging in America is quickly becoming one of the main concerns of mine as it relates to the future poor.
Caregiving is often a requirement for many Americans and only growing and little of our financial planning or retirement strategies place this as a central concern. Has your advisor asked you, “How are you planning to be a full or part-time care giver in the future?” or “We should probably shift some of your savings to prepare you for moving from full-time work to care for an aging parent, sibling or spouse when you are 60.”
As I have looked at it and related it to the situation we currently have around retirement, it is an economic cost for sure. But it is proving to be a social, psychological and physical cost as well. We often focus on the person in need of care and making sure they have the resources to provide for their needs but we often neglect the impact this has on the care giver.
Here are a few links for more information about this important documentary which airs June 24th.
AARP
https://www.aarp.org/caregiving/basics/bradley-cooper-caregiving-documentary/
PBS
https://www.pbs.org/video/caregiving/
Please take time to consider this important issue for your life, your family life and your broader community.
As always, if you come across a financially related article you’d like to send my way please do!
Best place to send them is to me.
More next time!
Jonathan