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With No Savings, Seniors Turn to Family for Long Term Care

Many Americans believe they will have to provide the caregiving for their loved ones due to lack of financial planning and ability to save for long term care costs, a recent study finds.

Nearly a quarter—or 23%—say they are expecting to have to provide care for a loved one in the next year, but nearly 20% say the rocky economic climate hasn’t let them set aside money for necessary costs, according to a survey released in late February by A Place for Mom, Inc., a senior living referral information service.

The survey, prepared by Kelton Research, polled more than 900 Americans aged 30 and older about the health of their families, what they anticipate their responsibilities as caregivers will be in the coming year, and how they’re financially preparing for the expected burden.

A whopping 96% of survey respondents older than 30 believe taxpayers should be allowed to claim aging parents living under their care as dependents on a tax return, with married couples aged 50 or older having the strongest feelings about the topic.

Written by Alyssa Gerace