Study: Caregivers spend almost $50,000 on loved ones

Adults in their 50s and 60s are shelling out more than they anticipated caring for aging parents, according to a survey by Caring.com.

The survey found nearly half of the 43 million caregivers in the United States are spending more than $5,000 a year looking after their elderly parents while also trying to save for their retirement. Thirty percent have reported spending more than $10,000 per year, and 21 percent don't keep track of how much they spend.

"When they're caring for their aging parents, that goes on for 5 to 10 years, so it's a potentially $50,000 to $100,000 expense," said Andy Cohen, CEO of Caring.com. "But, we also found in the survey that there were 7 percent that were spending over $50,000 a year."

Caregiving money is being spent on out-of-pocket costs for medications, medical bills, in-home care, nursing homes and more.

The unexpected expenses, according to Cohn, not only impacts finances, but it can also impact the caregiver's health and job.  According to the study, 60 percent of said their caregiving duties have a negative impact on their job.  In addition, 50 percent of caregivers reported having to make changes to their work schedule

"Caregivers report higher levels of depression, high blood pressure, and even divorce," Cohen said.

One-third of family caregivers said they spend more than 30 hours per week on caregiving responsibilities.