I have approached this subject before saying that it will always be cheaper to keep and assist your aging parent yourself. There is no mortgage to pay, more often the only expenses are electrical and water bills.
Other expenses are unexpected health-related expenses. Often times the caregiver recipient (patients and or clients) pay out of pocket at around 78% for a caregiver. On average that amount is around $7,000.00 per year. If you live an hour or more from work your amount increases to $12,000.00 per year. On average 25% of their retirement savings and loss from investments.
23% of people take on more debt, which is difficult since you are closing in on retirement. 32% of caregivers have left a job because of the overwhelming demands of caregiving. Another point to be made; caregivers spend about 80 minutes less per day on paid work, besides that, you pay less attention to your own health. One example is you get 23 minutes less sleep per night.
