Caring for parents will cost boomers

Boomers, already strapped for cash, stand to lose even more money by caring for their parents, according to Fidelity Investments in Boston. The company estimates that, in a decade, about 50 million Americans will be over age 65. More than half will require at least a year of long-term care, and 20% will need more than five years of care before they die. Between 75% and 80% of all long-term care is provided by a family member: Some 29 million Americans are providing informal long-term care for family members and spending an average of 34 hours a week doing so, according to Fidelity’s long-term care research. The financial impact on a 50-year-old boomer who earns $50,000 annually is debilitating. Four years of long-term care for an 80-year-old family member siphons off some $140,000 in wages, Social Security and retirement plans over that boomer’s lifetime, Fidelity estimates.