What does it cost the average American caregiver in out-of-pocket spending to help a loved one? About $7,000 a year — or, in most cases, a fifth of the caregiver’s income.
That’s what a survey from AARP found when it asked nearly 2,000 family member caregivers about their cost of providing care.
The study found a substantial range both in hard costs and in percent of income. But the bottom line was clear: There are no easy choices when it comes to taking care of a loved one, and none of the choices are cheap.