AARP Study Reveals Caregiving Costs Jumped 60% in Five Years
Family caregivers in the US are facing a financial crisis as out-of-pocket costs for elderly care have surged by 60% since 2021. A new AARP study finds that the average annual cost is now $11,508, a rate of increase double that of general inflation. This financial burden is compounded by lost income, as many caregivers reduce work hours or quit jobs entirely to provide care. For low-income households, these expenses can consume over 75% of annual income, threatening personal retirement security and economic stability.