Financial challenges to consider when caring for elderly parents

Family caregivers spend over a quarter of their income on caregiving activities, according to a 2021 AARP survey. Lazetta & Associates Founder and CEO Lazetta Rainey Braxton joins Wealth! to break down some of the challenges facing caregivers.

Braxton notes that caregivers are concerned about in-home care, home maintenance care, and the time necessary to be a caregiver — especially for those who are still working. She explains that caregivers have to not only plan around who they're looking after, but around their own children and families as well, which could pose a financial burden. Millennials aged 27 to 42 who are taking care of both their children and their own parents or elderly relatives have become known as the "sandwich generation."

For caregivers struggling financially, Braxton points to Medicaid as a resource for long-term care. She also encourages caregivers to look at local aging resources and potential funding available.

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