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Uncompensated Caregivers & Elder Boom

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The U.S. is experiencing an “Elder Boom,” with 10,000 Americans turning 65 every day. In San Mateo County, the number of adults ages 60 or over is expected to nearly double by 2040The majority of older Americans will require long-term care services and supports at some point, which can put significant financial strain on seniors and families. The American Association of Retired Persons (AARP Inc.) estimates that family caregivers contribute billions of dollars in uncompensated care each year. They also found that family caregivers spend an average of 20% of their annual income on caregiving expenses, and this number is even higher for Latino and African American households. The financial responsibility of caring for a family member can exacerbate the financial insecurity already experienced by lower income families. As a way to address this issue, Congress introduced the Credit for Caring Act of 2017 that will allow working family caregivers to qualify for a tax break under specific circumstances.

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