America Is Running Out of Family Caregivers, Just When It Needs Them Most

Many Americans are now aging without family caregivers nearby, which is a negative development given that the median incomes of Americans entering retirement have been stagnant for years, reports the Wall Street Journal . They also have high average debt and may be unable to rely on relatives for their own care. An estimated 34.2 million people currently provide unpaid care to those 50 and older, at a collective annual value of $500 billion, according to a 2017 Merrill Lynch study. In addition, the ratio of caregivers to recipients has been declining since its peak in 2010, largely on account of shifting family dynamics. "Families have fewer children, older adults are more likely to have never married or to be divorced, and adult children often live far from their parents or may be caring for more than one adult or their own children," notes a 2016 National Academy of Sciences study. Furthermore, with demand for private home health aides expected to outstrip supply in the next decade, such assistance is often unaffordable, while Medicare and other government programs only deliver a fraction of the long-term supportive services that people need to age at home. Age Wave CEO Ken Dychtwald says reliance on non-traditional care will have to be considered, with taking in assistive boarders and depending more on monitoring devices and delivery services likely options. Mobile technology that supports long-distance caregiving also could become increasingly necessary.