In case you missed it yesterday, Elinor Ginzler, AARP Senior Vice President for Livable Communities, participated in a live chat on the Washington Post’s website, answering questions all about the financial and emotional costs of caring for elderly parents. Ginzler joined Paula Span, co-author of “When the Time Comes: Families With Aging Parents Share Their Struggles And Solutions,” the Washington Post’s Michelle Singletary in answering several reader questions about how to handle this important, and often times tough, situation.
You can read the transcript here. The experts talk about everything from downsizing a home, long-term health insurance vs. life insurance, and nursing home troubles. If you find yourself – or will soon find yourself – in the situation of caring for your aging parents, check out the chat.
Caring for aging parents (and aging selves) will become even more relevant as Americans are living longer and longer – check out this article from the New York Times.
The article says:
“Americans who live to age 65 can now expect to survive on average 18.5 more years, four years more than in 1960, according to the report. Of those who survive to age 85, women have an average 6.8 years to live, and men, 5.7 years. But life expectancy is even longer in most of Europe, Australia, New Zealand, Japan, Singapore, Hong Kong, Cuba and Costa Rica.”
Our life expectancy is still pretty impressive, I think, compared with what it was just 50 years ago. By 2050, the 85-and-over population in the U.S. is projected to rise to 19 million, from its current 5.8 million – and growing old does not come cheaply. According to the article, from 1992 to 2006, annual health care costs for seniors grew from $9,224 to $15,081.
Check out the article and the full report for all the interesting statistics.