---
title: "Financial Burden of Caregiving Soars for Aging Relatives"
url: https://newscentral.site/financial-burden-of-caregiving-soars-for-aging-relatives/
language: en
publisher: "News Central Site"
section: "Business"
published: 2026-10-28T21:25:59.000Z
updated: 2026-10-29T10:53:57.153Z
id: 26385ea5-00f4-41e5-904c-370f19d702bd
source: "CBS MoneyWatch https://www.cbsnews.com/news/caregiving-costs-surge-aarp-study/"
attribution: "Link to https://newscentral.site/financial-burden-of-caregiving-soars-for-aging-relatives/ and name News Central Site when you quote or summarize this story."
---

# Financial Burden of Caregiving Soars for Aging Relatives

A recent study by the AARP has found that out-of-pocket costs for caregivers have skyrocketed over the past five years.

Wendy Mayo is a 44-year-old Connecticut resident who has first-hand experience of the costs and time involved in caring for an aging parent. She and her two siblings share the responsibility of looking after their mother, who suffers from Alzheimer's disease and requires around-the-clock supervision.

The care Mayo's mother needs includes paying for her rent, purchasing items to prevent bedsores, and investing in bed alarms to prevent her from getting out of bed and wandering around. According to Mayo, this annual expense amounts to $15,000, while her siblings contribute a combined total of $45,000. This is not an isolated case, as many caregivers are facing soaring costs when caring for their aging relatives.

A recent study by AARP has found that over the past five years, out-of-pocket costs for caregivers have skyrocketed. The study reveals that households earning less than $40,000 per year see their annual income consumed by caregiving expenses at a rate of more than three-quarters on average. This financial burden can impact caregivers' own economic security, according to AARP.

Caregivers often find themselves thrust into this role unexpectedly, without a plan or budget in place. For many, it's not something they can prepare for, unlike retirement, which typically involves careful planning and saving. This lack of preparation can have significant financial implications.

The cost of caregiving is substantial, with housing expenses being the largest burden for caregivers. These costs include not only rent or mortgage payments but also property taxes and household expenses such as food. Healthcare costs are the second-largest expense, encompassing insurance premiums, copayments, and hospital fees.

Caregivers' financial outputs have a direct impact on their own retirement security, according to Megan O'Reilly, AARP's vice president of government affairs for health and family. She notes that the financial strain of caregiving can make it difficult for caregivers to save for their own retirements.

Caregiving responsibilities can have a significant impact on one's professional life. A staggering 60% of working caregivers reported that their caregiving duties affected their work lives in some way.

The added burden often requires caregivers to adjust their schedules, sometimes necessitating longer working hours to compensate for the financial strain or reducing their work schedule to accommodate care-giving responsibilities, ultimately affecting their earnings.

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Source: [CBS MoneyWatch](https://www.cbsnews.com/news/caregiving-costs-surge-aarp-study/)  
Published by News Central Site: https://newscentral.site/financial-burden-of-caregiving-soars-for-aging-relatives/