Maryland resident Nicholas McDonald, 24, has briefly abandoned his musical aspirations to enter the workforce and contribute to the family's finances. "I'd like to give my mom $100 every now and then," he says.
"This is me and my grandma, May Lee, who is turning 105 in June. I live with her and my aunt so I can help take care of her. I also <a href="http://lunchwithgrandma.tumblr.com/">have a blog</a> with a friend all about our grandmas!"
Credit Courtesy of Kristina Kaufman
The emotional and financial costs of caregiving have been a central theme in Morning Edition's special series called "Family Matters: The Money Squeeze." It profiles three families struggling with the complexities of living in multigenerational households and facing difficult financial decisions: how to afford care for an elderly relative while paying for college and saving for retirement.
AnnaBelle Bowers' long-time physician, Walter Watkin, gives her a kiss on the forehead at the end of her visit. When asked how long she had been coming to see him, he said, "Long enough for her file to be 2 inches thick."
Americans routinely buy all sorts of insurance — for cars, homes, health and even pets and boats.
But when it comes to long-term-care insurance, relatively few sign up. Out of more than 313 million Americans, only about 8 million have any such protection, according to the American Association for Long-Term Care Insurance. The low participation rate largely reflects the high cost of long-term-care insurance.
Walk through any nursing home, and your first thought might be: "I need to take care of Mom myself."
Few people want to turn over a loved one to institutional care. No matter how good the nursing home, it may seem cold and impersonal — and very expensive. But making the choice to provide care yourself is fraught with financial risks and personal sacrifices.
Those who become full-time caregivers often look back and wish they had taken the time to better understand the financial position they would be getting themselves into.
Yoshiko Okuyama of Keaau City, Hawaii sent in this photo of her 20-year-old son and her 82-year-old mother.
Credit Courtesy: Yoshiko Okuyama
Morning Edition is in the midst of a special series called "Family Matters: The Money Squeeze." It profiles three families struggling with the complexities of living in multigenerational households and facing difficult financial decisions: how to afford care for an elderly relative while paying for college and saving for retirement.