Two New Studies on the Growing Financial Cost of Family Caregiving

Published in RINewsToday on November 2, 2025

As National Family Caregivers Month approaches in November, two new caregiving studies highlight the financial pressures facing millions of Americans who care for older relatives and loved ones.

On Oct. 14, Edward Jones, Age Wave, and The Harris Poll released findings detailing the financial, emotional, and personal toll of caregiving. Two weeks later, on Oct. 28, AARP released its own report documenting rising out-of-pocket costs.

Although the studies examine different caregiver populations, both find that providing care can jeopardize a family’s financial security.

The 42-page Edward Jones report, The Financial Impact of Caregiving, is based on an online survey conducted in May and June 2026. It included more than 3,000 adult caregivers, with findings focusing on those financially assisting adults age 65 and older.

According to the report, 91% of financial caregivers spend their own money on the person they care for each year, and 84% are not fully reimbursed. On average, they spend $8,737 out of pocket annually. That money may come from retirement savings, emergency funds, or money set aside for their children’s education.

The study also found that only 33% of financial caregivers discussed and planned for their role beforehand, while just 22% felt “extremely prepared” when they began providing financial assistance.

The demands go beyond money. Caregivers provide an average of 109 hours of care monthly, with women averaging 118 hours compared with 98 hours for men. Nearly 73% are employed and balance caregiving responsibilities with their jobs.

Among employed financial caregivers offered caregiving benefits, 92% use them. Flexible schedules, remote work, and leave are among the most commonly offered benefits, although many caregivers most want financial assistance. Nearly half are also “sandwich caregivers,” supporting children while caring for an older adult.

The report found that 38% have stopped or reduced saving, 18% have reduced or paused retirement contributions, and 25% have borrowed money, increased debt, or delayed repayment. Women are more likely than men to reduce saving, 42% compared with 35%.

The report’s findings also reveal a contradiction. Eighty-seven percent say they do not want to become a caregiving burden on their own families, yet 81% are willing to reduce their financial security to care for someone else.

“Caregiving is filled with contradictions. It can be stressful, expensive, and overwhelming, while also being one of the most meaningful roles a person takes on,” said Ken Dychtwald, Ph.D., Founder and CEO of Age Wave.

The researchers stress the importance of discussing caregiving responsibilities before care is needed.

“Caregiving deserves the same level of planning many families already devote to retirement, education and other major life events,” said Ken Cella, Principal and Head of External Affairs at Edward Jones.

Cella recommends that families discuss finances, long-term care wishes and caregiving responsibilities before a crisis occurs. Financial advisors can also help families understand how caregiving expenses may affect retirement and other financial goals.

AARP Finds Rising Costs

The 2026 AARP Caregiving Out-of-Pocket Costs Study puts average annual out-of-pocket caregiving expenses at $11,508, up almost 60% from 2021. Caregivers spend an average of 31% of their annual household income on care. For those with household incomes below $40,000, the figure rises to 76%.

AARP released its first caregiving out-of-pocket study in 2016, followed by another in 2021. This latest study is the third in the series.

The new study examined a national sample of 2,538 adult caregivers who recorded care-related expenses over one week during June and July 2026. Conducted in English and Spanish through Ipsos KnowledgePanel, the research weighted its findings against U.S. Census Bureau benchmarks.

“Family caregivers are spending more than $11,500 a year of their own money to care for loved ones — almost half a year of the average Social Security retirement benefit,” said Debra Whitman, AARP Executive Vice President and Chief Public Policy Officer, in an Oct. 28 statement.

“Whether they’re paying for groceries, housing or medical care, family caregivers are making a significant financial commitment that can affect their own economic security,” she said.

Caring for someone with Alzheimer’s disease or another form of dementia is especially expensive. AARP found those caregivers spend an average of $15,846 annually, compared with $10,221 for caregivers assisting someone without dementia.

Housing and household expenses account for 42% of out-of-pocket spending, averaging $4,797, while medical expenses account for another 29%, or $3,313. Together, they represent 71% of annual caregiving expenses.

The report also found that 65% of employed caregivers experienced at least one work-related disruption, such as changing hours, taking time off, or taking on additional work. Caregivers who retired earlier than planned because of their responsibilities spent an average of $18,940 annually out of pocket.

Where caregivers live matters, too; annual expenses approach $16,000 in the Mid-Atlantic states, compared with about $8,000 in the West North Central region.

While AARP reports that caregiving expenses have increased almost 60% since 2021, the figure is not inflation-adjusted. Changes in survey questions and the unusual circumstances of the COVID-19 pandemic also should be considered when comparing the findings.

The Edward Jones and AARP reports measure different caregiver populations and use different research methods. Their dollar figures cannot be directly compared. Still, both studies show that families are paying substantial costs that may affect their financial security for years.

The Costs Families and Policymakers Experience

Justin Weinberg, a licensed nursing home administrator and Director of Strategic Growth & Analytics at Clifton, New Jersey-based Eastern Healthcare Group, says the nation’s health care system depends heavily on unpaid family care, even as costs to families keep rising.

AARP estimates that family caregivers provide about $1 trillion in mostly unpaid labor annually, helping Americans stay home and reducing the need for costly nursing home care.

“Nearly every hospital discharge plan for a frail older adult assumes a family member will be at home handling the bathing, meals, medications, and overnight supervision. If families stopped, the system would back up within weeks,” Weinberg warns.

He estimates that family caregiving represents about 24 million full-time jobs. Without that support, he says, hospitals would struggle to discharge patients safely, and many people would go without needed care.

Weinberg, who has been featured on caregiver issues in U.S. News & World Report and ProPublica, worries that caregivers who reduce their work hours, pause retirement contributions or retire early may find themselves financially vulnerable when they need care later in life.

“The long-term effect shows up in nursing home financing. Medicaid is the primary payer for more than six in ten nursing home residents, and it only pays after people spend down nearly everything. A caregiver who drains her savings for a parent will reach that point faster when she needs care herself. The cost moves onto Medicaid a generation later,” he said.

He also urges families to discuss caregiving responsibilities before a crisis.“Each side is trying to protect the other. Parents don’t want to be a burden, and adult children feel it’s presumptuous to bring up a parent’s decline,” he said.

Families may mistakenly believe Medicare covers ongoing long-term care. Weinberg recommends making arrangements before a fall, stroke, or hospitalization forces decisions under pressure.

“Put a power of attorney and health care proxy in place while the parent can still sign them. Take stock of the parent’s income, savings, and insurance. Decide which sibling handles money, which handles medical decisions, and who provides hands-on care. And agree in advance on what would mean home is no longer safe, such as repeated falls or wandering at night,” he recommends.

Is America’s Caregiving System Sustainable?

“No, the oldest baby boomers turn 80 this year, and AARP projects the number of potential family caregivers for each person over 80 will drop from about seven in 2010 to four by 2030. Families are already at their limit, and the paid workforce can’t make up the difference, since every part of our sector is competing for the same aides and nurses,” Weinberg said.

He believes policy changes could provide some relief.

“A caregiver tax credit would give the most direct relief, but only if it’s refundable. The bipartisan Credit for Caring Act would offer up to $5,000, but as written it simply reduces taxes owed, so lower-income caregivers who owe little would get little,” he said.

Weinberg also supports expanding Medicaid-funded home care and paid family leave. He points to Washington state’s WA Cares Fund, a public long-term care insurance program financed through payroll contributions, as another approach worth watching.

“If policymakers don’t act, I expect more families to reach us in a crisis instead of through a planned transition, longer waiting lists for home care, and more caregivers entering old age with depleted savings and needing Medicaid themselves. Either way, the cost will land on public budgets. Planning for it now is less expensive than paying for it in emergencies,” Weinberg said.

As National Family Caregivers Month begins, the findings of both studies raise a troubling question for the 120th Congress and state policymakers: How much longer can families be expected to shoulder these costs largely on their own?

AARP report: 2026 AARP Caregiving Out-of-Pocket Costs Study

Edward Jones report: The Financial Impact of Caregiving

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Silver Wave of Older Voters Important in Midterm Elections

Published in RINewsToday on October 19, 2026

Over the last four months, AARP has released polling results from nine battleground states to gauge candidate preferences, voter motivation, and the aging issues and policies that voters age 50 and older consider important when deciding who to vote for in the upcoming midterm elections.

AARP conducted the 2026 polls in Ohio (June), Georgia (July), Arizona and Michigan (August), Alaska, Maine, North Carolina and Texas (September), and New Hampshire (October).

Now, just weeks before the November midterms, AARP has released its final report, “Targeted Congressional District (TCD) Voter Survey,” highlighting the outsized role older American voters could play in deciding key congressional races. As with its previous nine state polls, AARP commissioned the bipartisan polling team of Fabrizio Ward (R) and Impact Research (D) to conduct the survey.

The 21-page report examines voters in 43 congressional districts rated Toss Up, Lean Republican or Lean Democrat by the Cook Political Report. Its findings show that older voters are particularly concerned about rising prices, especially the cost of groceries and gasoline, as Election Day approaches.

The poll covering 43 competitive congressional districts, found these leading issues among voters age 50 and older:

Rising prices and affordability
Threats to democracy
Immigration

Among persuadable voters 50-plus (21%), the priorities were different:

Rising prices and affordability
Social Security and Medicare
Taxes

“Older voters are the nation’s most reliable voters. They decide elections, so candidates can’t afford to overlook them,” said Nancy LeaMond, AARP Executive Vice President and Chief Advocacy Officer, in an Oct. 15, 2026 statement announcing the report’s findings. “Older voters want leaders who will protect Social Security and Medicare, support family caregivers, and ensure everyone can age with financial independence and dignity,” she said.

Research over time has shown that older voters make up a large part of the electorate and have a major impact on election results nationwide. Exit polls found that voters age 50 and older cast 55% of all ballots in 2024 and 59% in 2022. In the last midterm election, more than six out of ten older voters went to the polls, compared to about three out of ten voters under 30.

Latest findings suggest that older voters will continue showing up at the polls. Eighty-three percent of voters age 50 and older said they were extremely motivated to vote in November, compared to 66% of voters under 50. About 21% of older voters are considered “persuadable,” meaning they are not firmly committed to either party’s congressional candidate.

The pollsters also looked at the country’s mood and voters’ financial situations. The findings were not encouraging. Sixty-two percent believe the country is headed in the wrong direction, while 59% are worried about their personal finances.

The report shows Democrats holding a slim 3-point lead (49% to 46%) on the generic congressional ballot in the 43 competitive districts, with 5% undecided. President Trump carried these districts by 6 points in 2016.

But these findings show a clear generational divide:

* Republicans lead by 10 points (53% to 43%) among voters age 50 and older – while…

* Democrats lead by 26 points (60% to 34%) among voters under 50.

Looking at race:

* Republicans hold a 4-point advantage among white voters, while

* Democrats lead among Hispanic voters by 15 points and Black voters by 43 points.

Education also plays a role:

* Democrats are doing better among college graduates than among voters without four-year degrees.

The pollsters found that persuadable voters remain closely divided.

* Democrats lead by 6 points (42% to 36%) among persuadable voters overall, while…

* Republicans hold just a 1-point advantage (39% to 38%) among persuadable voters age 50 and older.

* Another 23% of these older voters remain undecided.

Top Issues of Concern

Not surprisingly, rising prices and affordability top the list of concerns for older voters in these competitive congressional districts, followed by threats to democracy and immigration.

For persuadable voters age 50 and older, the top three issues influencing their vote are rising prices and affordability, Social Security and Medicare, and taxes.

Looking more closely at Social Security, 58% of older voters say the program is or will be a major source of household income. An overwhelming 94% say they would be more likely to support a candidate who ensures they receive the Social Security benefits they earned through a lifetime of work.

On health care, 85% say they would be more likely to support a candidate who expands Medicare’s ability to negotiate prescription drug prices.

Caregiving is another important issue. Half of older voters surveyed say they are or have been family caregivers. At the same time, 77% would be more likely to support a candidate who provides a tax credit to help cover the costs of unpaid family caregiving.

Affordability. And when it comes to rising prices, groceries and gasoline remain the two biggest concerns.

Taking a Look at Gray Power at the Polls

Darrell West, a senior fellow at the Brookings Institution and former Brown University professor, agrees with the findings of AARP’s latest survey. Older voters have become a crucial swing group that could shape this year’s election, he says.

West explains that seniors don’t vote as a monolith. They regularly shift their votes between Republicans and Democrats. Ultimately, their choices in November may come down to how well candidates protect the programs they rely on most, particularly Social Security and Medicare.

“This invaluable poll illustrates that seniors and older adults matter,” says Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare (NCPSSM). “Seniors will be the largest block of voters, and politicians ignore them at their own peril,” he warns.

“Seniors, who are more likely to live on a fixed income, have been especially hurt by Trump’s affordability crisis. This underlines the importance of Social Security in this election. This is why we say ‘Social Security is on the Ballot!’” stresses Richtman.

Richtman estimates that voters age 65 and older will account for more than 30% of the electorate. While Republicans have historically enjoyed an advantage among these voters, Democrats have narrowed that gap in recent elections, he says.

“Supporting Social Security is both good policy and good politics,” Richtman claims, pointing to the poll’s finding that 94% of older voters are more likely to support candidates who protect their Social Security benefits.

While AARP is a nonpartisan nonprofit organization that does not endorse political candidates, NCPSSM’s political action committee does.

According to Richtman, NCPSSM-PAC has endorsed and supported more than 50 candidates nationwide, including Josh Turek (Iowa), Dan Osborne (Nebraska), Abdul El-Sayed (Michigan), Roy Cooper (North Carolina) and Jon Ossoff (Georgia).

NCPSSM also compiles a congressional scorecard to inform older Americans about how votes in Washington affect Social Security, Medicare and other programs important to them. Based on the organization’s legislative priorities, Democrats generally receive higher scores than Republicans.

Richtman notes that NCPSSM-PAC has been busy educating voters about the stakes of this election through its “Social Security on the Ballot” mobilization campaign. Its message is that the lawmakers elected this November will help determine Social Security’s future and whether beneficiaries receive the benefits they have paid for. The organization is getting that message out through town halls, press conferences, social media, and traditional media appearances. It also works with candidates and campaigns on policy issues affecting older Americans.

Meanwhile, AARP continues its own voter education efforts through its “Social Security, Your Vote, Its Future” initiative, asking congressional candidates how they would protect and strengthen the program.

The nation’s largest organization representing older Americans also provides research and analysis on Social Security policies, works with federal officials and members of Congress, and organizes public education efforts to inform and mobilize its members.

Through its “I Am a Social Security Voter” campaign, AARP encourages voters to prioritize protecting Social Security when evaluating candidates.

AARP’s latest report suggests that in tightly contested congressional districts, the “silver wave” of older voters may be the deciding factor in who goes to Washington and who stays home.

Stay tuned…

The survey was conducted by AARP’s bipartisan polling group, Fabrizio Ward and Impact Research, and interviewed 1,368 likely voters in 43 competitive congressional districts between October 1 and 5, 2026, using a combination of cell phone, landline, and a text-to-web survey in both English and Spanish; the margin of sampling error is ±2.7 percentage points.

Full Survey Results: AARP’s 2026 Targeted Congressional District Voter Poll; go to Targeted Congressional District Voter Survey.

For AARP’s 2026 Midterm Election Polls, go to Older Voters in the 2026 Midterm Elections in Battleground States.

Just Days Away: Social Security to Announce 2027 COLA Increase

Published in RINewsToday on October 12, 2026

In just a few days, nearly 279,000 Rhode Islanders who rely on Social Security and Supplemental Security Income (SSI) will learn how much their monthly checks will increase in 2027 when the Social Security Administration (SSA) announces next year’s cost-of-living adjustment (COLA). Social Security recipients will see the increase in January, while SSI recipients will receive their adjusted payments on Dec. 31, 2026, because New Year’s Day is a federal holiday. The additional income will help them keep pace with rising costs.

Older Rhode Island beneficiaries will be joining 75 million Americans—including roughly 71 million Social Security beneficiaries and between 7.3 and 7.5 million SSI recipients—awaiting this highly anticipated news.

SSA is expected to announce the official 2027 COLA on Wednesday, Oct. 14, following the release of September inflation data by the U.S. Bureau of Labor Statistics.

According to the Virginia-based The Senior Citizens League (TSCL), the SSA’s COLA for 2026 was 2.8 percent, somewhat higher than the 2.5 percent COLA implemented at the start of 2025. TSCL predicts that the COLA for 2027 will tick up to 3.5 percent. AARP experts project an even higher COLA increase for 2027 than TSCL estimates, at 3.6 percent.

Congress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975, says SSA, noting that before then Congress could only increase this benefit through special legislation. The new provision tied COLAs to the annual increase of the Consumer Price Index (CPI-W).

SSA calculates the COLA by comparing the average CPI-W for July, August and September with the average for the same three months of the previous year. The percentage is rounded to the nearest tenth of one percent and determines the annual adjustment.

With the 3.5 percent projection, the average beneficiary’s monthly benefit increases by $67.90. The current average beneficiary receives $1,940.08 in their monthly Social Security check. With a 3.5 percent COLA, that would rise to $ 2,007.98, estimates TSCL

If TSCL’s calculation holds, the 2027 COLA would land right in the middle of the ranking historically—ranking 19th among all COLA adjustments since the federal government started using its current inflation math in 1977. By comparison, the recent boost seniors received at the start of 2026 was a bit more modest, tying for 27th place.

“The biggest thing we’re watching with the COLA announcement coming are short-term shocks to the economy that push inflation way up or down in the next 30 days. Of the three CPI-W figures used to calculate the COLA, two are already in,” said TSCL Executive Director Shannon G. Benton in a statement releasing the 2027 estimated projections.

“No matter if the COLA announcement comes in slightly higher or slightly lower than our prediction, seniors will probably end up disappointed in the long run,” said Benton, noting that older Americans allocate their budgets differently than people still in the workforce, so inflation hits them differently. The consumer price index (CPI) captures the experience of urban wage earners, which doesn’t represent the average senior’s budget, she adds.

“The COLA only happening once a year puts life on hold for a lot of seniors. When prices rise, they don’t rise next January when your benefit check goes up. They rise right now. We need to consider COLAs that compound quarterly or monthly so seniors can keep up throughout the year when inflation comes in above Federal Reserve targets, like in 2026,” adds Benton.

Advocates Push for CPI-E Index

In a recent AARP Sept. 11 blog post, “Social Security COLA 2027: An Early Look at How Much Payments Could Increase,” writer Deirdre Shesgreen interviewed Rich Johnson, the vice president for financial security at the AARP Public Policy Institute. Johnson emphasized that the organization’s COLA forecast is meant to give older adults a head start on managing their 2027 finances. “Family budgets have been under increasing pressure because of rising prices,” Johnson noted. “The sooner that we can give them reliable information as to how much their benefits might [increase next year], the sooner they can start planning,” he said.

“Most seniors depend on Social Security for some or all of their income, and the program’s annual Cost of Living Adjustments (COLAs) for inflation help keep them from falling behind,” says Max Richtman, President & CEO, National Committee to Preserve Social Security & Medicare, noting that even the estimated 3.5-3.6% increase will barely be enough for seniors to tread water.

“That’s because the COLA is based on an inflation index that does not account for the impact of inflation on seniors’ true expenses, especially health care costs – which are rising faster than the general inflation rate,” said Richtman, calling for the adoption of the CPI-E (Consumer Price Index for the Elderly). This CPI index is designed to better reflect older American’s spending patterns.

“What we know is that when the COLA is announced, it will be far too low to make up for the crushing prices everybody is facing right now. But seniors and those on fixed incomes are being crushed the hardest,” said Alex Lawson, Executive Director of Social Security Works.

His concerns come as Census Bureau figures show that the poverty rate among Americans aged 65 and older rose from 9.4 percent in 2020 to 15.4 percent in 2025, according to the Supplemental Poverty Measure, which accounts for medical expenses and other living costs.

“And still Republican proposals, when we see them, include provisions to cut back on the COLA, which is just a cruel benefit cut. We need to expand Social Security, increase benefits, raise the COLA, and pay for it by having billionaires pay the same rate on all of their income into Social Security. Just like the rest of us do,” argued Lawson.

Improving SSA’s Benefit Calculation Formula

TSCL advocates for the Social Security 2100 Act, legislation championed by Congressman John Larson (D-Connecticut), first introduced in 2017 and reintroduced in 2026.

Lawmakers reintroduced this legislative proposal to provide long-term relief to seniors losing buying power due to high inflation. The bill would raise benefits by 2%, set the new minimum benefit to 125% of the Federal poverty line, change the COLA calculation to the CPI for the Elderly (CPI-E), and improve the benefits calculation formula, said TSCL.

“Although the Social Security 2100 Act is unlikely to pass in the current Congress, it should. The bill is the gold standard for Social Security reform and accomplishes the majority of changes older Americans want to see in the program,” says TSCL’s Benton in a statement released on July 14. “The reality is that poverty is increasing rapidly among American seniors, who make up the fastest-growing portion of the homeless population. Adjusting the minimum benefit to above the Federal poverty line would almost certainly slow this trend, although more holistic efforts may be required to stop it entirely,” she says.