Since our original reporting on the tidal wave of elderly that the baby boom generation represents, we have continued to update our report on the care burden that sits squarely on the shoulders of Gens X, Y, Z, and the Millennials. America is an aging nation. By 2029, 71 million baby boomers will have reached retirement age. Being an aging nation also means becoming a nation of caregivers. Providing this care is a monumental endeavor, one for which American society is ill prepared. Already, around 42 million Americans are providing informal support to someone 50 or older, and many of them are struggling under the financial and psychological pressure. That number will only grow as the nation ages.
Aging at Home
One development we did not predict in our original report was where baby boomers wanted to spend their last years. But when asked, most Americans 55 or older say they want to do so at home. The appeal is understandable. Aging in place, surrounded by familiar places, faces and memories, can provide a sense of comfort and independence. But the logistical and economic realities are daunting. Even healthy older people may struggle with basic tasks of daily life, so most of them will, at some point, require help from a caregiver, paid or unpaid, to remain at home.
Family Caregivers Are Stressed
- Family caregivers spend around a quarter of their income on caregiving expenses, according to a 2021 study by AARP, with rent or mortgage payments, home modifications and medical payments accounting for much of the burden.
- Time spent looking after loved ones is time spent away from paid work, and this costs informal caregivers an estimated $522 billion annually in lost wages. Many suffer serious financial hardship and report a decline in their physical and mental health. Caregivers are also at increased risk for serious illnesses, such as depression and cancer.
- The American health care system is shifting medical procedures from hospitals to home settings and providing complex care increasingly falls to family members. They may find themselves managing injections, dressing wounds and handling IV lines and ventilators. Caring for dementia patients presents its own kind of stress. Most unpaid caregivers handle these duties with little or no instruction, adding to their anxiety and affecting the quality of care.
Current Status of Caregiver Workforce
Seven years ago in our original report, we recommended that America aggressively recruit, train, and pay fairly an entire generation of workers willing to care for our elderly. We were already experiencing a serious shortage of professional caregivers. Even before Covid, the number of job openings in the field was on track to reach 8.2 million by 2028.
The caregiving labor market is still a disgrace. Plagued by high turnover and worker shortages, all of which were made worse by the pandemic, these jobs continue to be poorly paid and extremely difficult. The median annual pay for in-home aides is $29,430. Many workers must rely on public assistance, and around 15 percent of them live in poverty. Working conditions are physically and emotionally grueling, injury rates are high, training is spotty, and opportunities for advancement are scarce.
What Now?
We have made no substantial progress in addressing the impending elder care crisis that we reported on in 2017. Recent demographics tell us that this crisis of care will become unbearable by 2030. By then, the challenges of caring for the elderly will still involve:
- Making sure society develops payment and insurance systems for long-term care that work better than existing ones.
- Taking advantage of advances in medicine and behavioral health to keep the elderly as healthy and active as possible.
- Changing the way society organizes community services so that care is more accessible.
- Altering the cultural view of aging to make sure all ages are integrated into the fabric of community life.
- Providing caregivers with better information on how to navigate a health care system that is complex and decentralized, along with help coping with the alienation, isolation, anger, guilt, and anxiety that often come with the territory.
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