AARP Study: Family Caregivers Spend Over $11,000 Annually on Aging Parents

A new AARP study reveals that family caregivers in the United States are spending an average of more than $11,000 per year out of pocket to support aging parents and other loved ones. The financial burden often forces caregivers to cut back on savings, reduce personal spending, and even take on debt. The study highlights that these costs cover medical expenses, home modifications, and daily living needs, which are frequently not covered by insurance or government programs. Many caregivers are also reducing their work hours or leaving jobs entirely to provide care, leading to lost income and long-term impacts on their own retirement security. The findings underscore the growing need for policy solutions and employer support for the millions of Americans balancing caregiving with financial stability. As the population ages, this hidden cost of care is expected to rise, placing even greater strain on families and the economy.