Study shows that family caregivers are spending up to a quarter of their pay on out-of-pocket costs

A new AARP study shows that family caregivers are spending on average a quarter of their own paychecks when caring for an adult family member.

Generation X spends the most while Generation Z and Millennial caregivers spend the highest percentage of their income.

Housing, medical bills, and assisted living expenses are taking up the majority of caregiving costs.

Over 100 organizations are supporting a piece of legislation in Congress called the Credit for Caring Act, which gives working family caregivers a tax credit of up to $5,000 that can go towards out-of-pocket expenses.

U.S. Reps. Tom Reed, Brian Higgins and Tom Suozzi are all co-sponsors of the bill.

Staff Report

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