THE COST OF CAREGIVING

Caregivers need support and guidance

Today, more than one in five Americans are caregivers. And over half are employed while providing an average of 24 hours of care per week.1 While every situation is unique, they all need help juggling their own lives and personal finances.
 
As a financial professional, you’re in a unique position to help them manage this challenge through preparation, putting plans into action, avoiding pitfalls, and providing resources.
 
1 "2020 Report: Caregiving in the U.S.”, AARP and National Alliance for Caregiving, May 2020
HELP THEM PREPARE

Demographic shifts in the U.S. mean caregiving needs will grow in numbers — and costs. Help your clients better prepare for the scenario of spending nearly 20% of their income — on average — on caregiving activities.2


2 “Surprising Out-of-Pocket Costs for Caregivers,” AARP, October 2019

Create An Action Plan

Use this Cost of Alzheimer’s Care Calculator from Transamerica and AgingWell Hub to provide a personal estimate based on zip code and more.
PITFALLS TO AVOID
People turning 65 today have a 70% chance they’ll need long term care during their life, for an average of 3.7 years (women) and 2.2 (men).3
 
Also, help your clients learn to protect themselves with our elder fraud field guide.
 
3 “How Much Care Will You Need?” LongTermCare.gov, February 2020

We’re here to help

Navigating the role of a caregiver can bring unexpected challenges for clients. Start the conversation with stats from the study below. For more support material, contact your Transamerica representative today.

Do you know a caregiver?

Transamerica and MIT AgeLab are conducting research with thousands of caregivers to learn more about their experiences and challenges. If you or someone you know has insight to share, join our panel.