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You’ll Be My Caregiver When I’m Old, Right?

Kelli Grant discusses caregiver epidemic

With Kelli Grant, CNBC Personal Finance and Consumer Spending Reporter

In the past year, about 43.5 million American adults worked as an unpaid caregiver, the bulk of them to an adult age 50 or older, according to an AARP Caregiving report released in June. But the ranks of being a caregiver have shifted to include more men and young adults—a quarter of caregivers are millennials, AARP found. And the number of caregivers is expected to grow as baby boomers age into retirement.

The caregiver need is ‘growing and growing’. And it’s not just hands-on care: 8 percent of baby boomers, 13 percent of Generation X and 19 percent of millennials are financially supporting a parent, to the tune of $12,000 a year. Of those, 31 percent said they are also caregivers for that parent. Are you prepared should you be called on to become a caregiver?

I've been an investment strategist and adviser for over 35 years, leading with a mission of unbiased advice to educate and protect listeners on my weekly radio show on NPR affiliates nationwide. I have been named a “Top 100 Wealth Advisor” by Worth Magazine and “Top Advisor” by Reuters.