Caring for elderly parents can put a dent in your budget
If you think you might end up caring for Mom or Dad in their twilight years, be aware of an issue that catches many caregivers off-guard: The big hit to your own pocketbook.
More than two-thirds of caregivers (68 percent) report providing financial support related to their role, according to Northwestern Mutual’s 2018 C.A.R.E. Study. A third spend at least 20 percent of their own monthly budget on caregiving-related expenses such as medicine and medical supplies ($273), food ($159) and personal-care items ($151).
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