The golden years aren't always as shiny and gilded as they're meant to be. And as Americans live longer, the sobering truth is that many will need long-term care at some point.
Unfortunately, such care is very expensive, and it's usually not covered by public programs—at least until one's savings are basically exhausted. Since long-term care is so costly, it's very common for friends and family to step in and become caregivers to those who have a debilitating illness or disability.
Here's a look at caregiving by the numbers:
- 29: Estimated percentage of the U.S. population who either are or expect to be family caregivers.
- 66: Estimated percent of caregivers who are female.
- 9: Percentage of companies that offer an elder-care referral service.
- 70: Estimated percentage of people age 65 today who will need some long-term care in their lifetime.
- 65 million: Estimated number of Americans who are caregivers for family, friends, or neighbors.
- $375 billion: Estimated value of annual caregiver contributions.
- 20: Average number of hours per week that caregivers provide care.
- 8 million: Number of U.S. families that include at least one parent who has a disability.
- 63: Average age of caregivers caring for someone aged 65 or older.
- 9.9 million: Number of family members, friends, and neighbors who provide unpaid care for a person with Alzheimer's disease or other dementia.
Sources:
NFCA
Caregiving Statistics
http://www.nfcacares.org/who_are_family_caregivers/care_giving_statstics.cfm
American Psychological Association
Who Are Family Caregivers?
http://www.apa.org/pi/about/publications/caregivers/faq/statistics.aspx
American Psychological Association
What Do Family Caregivers Do?
http://www.apa.org/pi/about/publications/caregivers/faq/family.aspx
U.S. News & World Report
21 Workplace Benefits That Are Rapidly Disappearing
http://money.usnews.com/money/retirement/articles/2011/07/22/21-workplace-benefits-that-are-rapidly-disappearing
AARP Public Policy Institute
Valuing the Invaluable: A New Look at the Economic Value of Family Caregiving
assets.aarp.org/rgcenter/il/ib82_caregiving.pdf
Urban Institute
Who Purchases Long-Term Care Insurance?
http://www.urban.org/retirement_policy/url.cfm?ID=412324
Alliance for Health Reform
Chapter 9 Long-Term Care
http://www.allhealth.org/sourcebookcontent.asp?CHID=125
Genworth Financial
Compare Cost of Care Across the United States
http://www.genworth.com/content/non_navigable/corporate/about_genworth/industry_expertise/cost_of_care.html
