Tax Relief for the Sandwich Generation? Claiming Our Aging Parents as Dependents
A Place for Mom and Kelton Research released their findings today on the financial impact of the growing senior population on younger generations. The survey asked more than 900 Americans, aged 30 and over, questions relating to the following:
- The overall health of their individual family
- Their family’s anticipated responsibilities as caregivers in the coming year
- How their family is preparing financially for the expected burden
For caregivers who are already struggling in a depressed economy, larger questions loom: How are we preparing for retirement in an unstable financial climate? How are we going to provide quality, yet affordable senior care for the baby boomer population?
Tax relief in the form of claiming seniors as dependents, struck a chord in those surveyed as a popular solution to this looming crisis. According to the survey:
- 23% of adults surveyed anticipated that they will have to provide care for an aging loved one in the next year
- 1-in-5 adults surveyed said that due to the economic downturn, they were not able to save money for the care of a loved one
- 96% of Americans over the age of 30 believe that taxpayers should be allowed to claim aging parents living under their care as dependents on a tax return
- Married couples over the age of 50 felt most strongly about claiming aging parents as dependents on a tax return
This only seems fair, right? Will the Sandwich Generation galvanize their efforts and demand changes to the tax code? For more information on the survey results, read the press release: A Place for Mom Finds Dwindling Finances and Growing Senior Population Putting Strain on Younger Generations.