Baby Boomers Are Making Serious Financial Sacrifices to Be Caregivers, Data Shows

A new report from the Bankers Life Center for a Secure Retirement found baby boomers are making major financial sacrifices to be caregivers, according to the Motley Fool . Ninety-two percent of surveyed middle-income boomers said they are willing to make big lifestyle changes to care for ailing or aging loved ones. But in some cases, this commitment could imperil their finances. Among this cohort, 66 percent plan to reduce spending, while 41 percent will travel less, 27 percent will relocate, 27 percent will spend fewer hours at work, and 19 percent will stop working completely. Another unsettling finding was that about 30 percent of middle-income boomers who are already caregivers have taken withdrawals from their retirement savings to cover healthcare expenses. In view of these trends, it makes sense to consider long-term care insurance for both boomers and loved ones who might otherwise rely on them to provide full-time care later. A long-term care policy could help defray the vast costs of assisted living or nursing community care. The best time to apply for insurance is in one's 50s, when a long-term health-based discount on premiums is available.