Quote Of The Week: Becoming A Caregiver, 30 Years Earlier Than Expected

“There comes a point in time where everyone has to care for a parent. It just happened 30 years sooner than I ever anticipated it.”

Interview with Adrienne Glusman, who became her mother’s caregiver at age 29, as interviewed by  Clare Ansberry, “The Call to Care for Aging Parents Comes Sooner Now,” The Wall Street Journal, August 6, 2018

The Takeaway: More Americans are aging and need care, but there are fewer caregivers available to provide the services they need. Family members are often stepping in to fill the gap.

But you might be surprised to learn exactly who is providing care for family members. Here’s a hint: they are younger than you would expect.

Millennials now make up 24% of the nation’s unpaid caregivers, according to the National Alliance for Caregiving, and almost half of all unpaid caregiver are under age 50.

We never know what direction our lives will take. We’ll bet that not too many healthy and active twenty, thirty and forty-year olds counted on juggling careers, kids, and caregiving for a parent – all at the same time, and before the age of fifty. It’s a blessing to be able to provide for older family members, but prepare as best you can:

  • Parents, discuss your long-term care needs with younger family before you need care. Consider purchasing long-term care protection.
  • Kids, don’t procrastinate when it comes to saving for your own financial future. Start early. Your career may not have the trajectory that you planned for, due to other family obligations.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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