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Many clients I talk to feel strongly about not being a burden on their families when they require extended care in their later years. More often than not, they themselves have experienced the high costs of care giving for family members in the past, and they don’t want to pass that responsibility on to their own children.  What many people have experienced first-hand, Genworth Financial has confirmed in a recent study that shows that the impact is significant for those who provide care to their family.

The survey is entitled, “Top 5 Family Care Giving Myths and Misconceptions.” Here is a brief outline of key points. These points do not even cover the emotional and physical impact, but relate mostly to issues surrounding financial costs to the family care giver that often goes unrecognized by those receiving care.

Reality #1:           Care givers contribute significantly to the expense of care for family members. The percentage of families who do is 83%.

Reality #2:           Over 63% of families experience a reduction in their own income because of time spent in providing care. This comes at a time in the life of the family when accumulation for the care giver’s own retirement is critical, and often behind schedule. But families will sacrifice for one another.

Reality #3:           Many families anticipate their savings might decline during a period of care giving, but the reality is that 61% experience a reduction of their savings to care for family.

Reality #4:           Well over one-half of families have had to dip into their own retirement savings to care of members of the family. Care givers never dreamed the cost would be so high.

Reality #5:           The impact on working family member careers is significant as well. Nearly 48% of responders report they lost jobs, changed shifts or missed out on career opportunities as a result of their decision to care of family members on their own.

With increased life expectancies comes the increase for the need for care.  “We’re now starting to see the financial and emotional ripple effects that longevity has on the families of those needing care,” states Ken Dychtwald Ph.D., psychologist, gerontologist, author and CEO of Age Wave

Is there a solution? I would say that for those of us who can plan and put LTC insurance in place, it is a must, if we wish to help the next generation reach the next level. That may mean something far more valuable than a little inheritance. Our providing a plan for our care may It may simply be a means for our children to carry on their own lives and careers, knowing that their elders’ need for care and the financing for it has been taken care of.

For additional information about this survey click this link.