Caregivers: Expectations and Lifestyle Sacrifices

For the first time in a Bankers Life Center for a Secure Retirement study, more middle-income Boomers now consider themselves retired than not retired. And as 10,000 Americans continue to turn 65 each day, retirement care—whether due to injury, chronic illness or physical or cognitive decline—is becoming an increasingly urgent issue for which Boomers need to plan and address.

Caregivers’ Expectations and Lifestyle Sacrifices Revealed Ahead of Pending Silver Tsunami

According the U.S. Census, by 2035, older generations are projected to outnumber children for the first time in U.S. history. Who will take care of this aging population? What lifestyle changes are to be expected? Do caregivers and care recipients see eye to eye?

In this supplement to our initial study, A Growing Urgency: Retirement Care Realities for Middle-Income Boomers, the Bankers Life Center for a Secure Retirement seeks to understand how prepared middle-income Boomers are for the possibility of needing and providing care during retirement. This Caregiving supplement dives into expectations, preparation activity, generational misconceptions as well as common characteristics of caregivers.

Key Findings

Nearly all (92%) middle-income Boomers are willing to make lifestyle sacrifices to provide care to a family member or loved one.

Almost half (45%) of middle-income Boomers believe that they will need long-term care at some point, up from about a third (36%) in 2013.

Two-thirds (66%) of middle-income Boomers have had detailed conversations on how they wish to receive long-term care.

Of those who have been or are currently a caregiver, two-thirds (68%) of middle-income Boomers are providing care for a parent, while 17% are providing care for their spouse / partner or their parent-in-laws.

A majority of middle-income Boomers (65%) would prefer to receive care in their current home, although more than one-third (37%) of those believe their home would need modifications in order to accommodate caregiving.

One-third (30%) of middle-income Boomers who are caregivers have had to tap into their retirement savings to pay for healthcare expenses compared to 19% of non-caregivers.