Your whole world is about to change and you know it. According to the U.S. Department of Labor, the fastest growing segment of the U.S. population is the over-85 age group, which is expanding at more than 3 percent per year. The over-75 age group is next on the list of rapidly growing population segments. The remaining elderly, who are past being independent, are being cared for by children in their own or their child's home, or by a caregiver employed by the family. Usually a daughter, who has a home, family and career of her own, is the primary caregiver, Eldercare reports.
Caregivers find that the emotional and financial stress is staggering.
Most cope with the emotional stress because of the special rewards it offers. But the financial stress is a different story. Elder caregivers find themselves wishing that money grew on trees in the backyard and many end up sacrificing their life's savings, and their nest egg for their own retirement, in order to care for their parents. The American Medical Association reports that one-third of families that care for an elderly, ill relative spend most of their life savings. But it doesn't have to be like that.