MICHAEL FERGUSON II: U.S. Families brace for a heavier financial burden

As America’s baby boomer generation continues to age, a growing number of adult children are stepping in to provide financial support — and that burden may soon get even heavier.

Recent studies show that 14% of U.S. adults are currently helping their parents with financial needs, and 41% say they expect to provide support in the future. This caregiving wave, especially common among middle-aged Americans known as the “Sandwich Generation,” is intensifying at the same time major economic shifts are on the horizon.

Proposed cuts to Medicare, Medicaid, and SNAP (food stamps), alongside new tariffs on foreign goods, are poised to dramatically increase out-of-pocket costs for seniors — costs that adult children may be forced to absorb.

“These safety nets are the foundation that keep many older Americans afloat,” a policy analyst with the Urban Institute said. “If they’re weakened, the costs don’t go away, they just shift to families.”

Medicare cuts could leave aging boomers with higher premiums, fewer covered services, and more expensive prescriptions. Medicaid, which covers most long-term care in the U.S., is also on the chopping block. This is especially concerning given that more than 60% of nursing home residents rely on Medicaid, according to the Kaiser Family Foundation.

Meanwhile, cuts to SNAP would disproportionately affect low-income seniors, more than 5 million of whom currently rely on food assistance. If those benefits vanish, adult children could find themselves paying for groceries on top of health care and housing.

Adding fuel to the fire, new tariffs on goods from China and other major trade partners are driving up the cost of essentials, from food and clothing to medical equipment. Inflation is hitting fixed-income seniors the hardest, and families say they’re already feeling the pinch. Experts warn that the combination of policy cuts and economic headwinds could spark a caregiving crisis, with women and rural families bearing the brunt.

Without strong social safety nets, millions of adult children could find their own financial futures slipping away while caring for those who came before them.

As the 2026 elections approach, advocates are urging lawmakers to prioritize aging policy and protect federal support systems that millions of families rely on.

“America’s caregiving economy is under strain,” one expert said. “If we gut these programs, we’re asking families to do the impossible.”

Michael Ferguson II is an Albany Herald columnist, a community activist and a veteran.