'I Don't Think I'm Ever Going To Retire' – How Gen X Is Getting Squeezed Between Kids, Aging Parents And $600 Billion In Unpaid Care

Gen X is feeling the squeeze like never before. Stuck between aging parents who need care and kids who still need support, many are finding their finances stretched to the limit. And it's not just about money – time, stress and an uncertain future.

Take Erika Gilles, 57, as an example. After her 78-year-old mother, Karen Proctor, was hospitalized last year, Gilles' life turned upside down. "It's totally absorbed all of my time," she told Business Insider. "I don't think I'm ever going to retire."

Don't Miss:

• The average 401(k) balance soars to a record-breaking high – Here's how to know if your nest egg is keeping pace.
• Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.

Her mother's Medicare didn't cover long-term care, leaving Gilles scrambling for affordable options. She managed to find an assisted living facility, but they had to apply for a state subsidy to help cover the costs. If that doesn't come through, they may need to sell her mother's home in Arizona.

A $600 Billion Problem

Gilles isn't alone. Millions of Americans are in similar situations. According to AARP, unpaid caregivers provided $600 billion of labor last year. That's a staggering number. But for many families, caregiving isn't optional.

A survey from Carewell found that 75% of adults caring for both a parent and a child are struggling to save for retirement. More than 60% live paycheck to paycheck. This financial stress creates a domino effect as younger generations sacrifice their financial stability to care for aging relatives.

"The bigger issue is you can create almost a cycle of poverty," Marc Cohen, a gerontology professor at the University of Massachusetts Boston, said to BI. "The costs are borne communally."

Trending: I’m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free? 

Why Isn't Medicare Helping?

Here's the kicker: Medicare doesn't cover most long-term care needs, such as assisted living or home health care. Medicaid helps, but with strict eligibility requirements and long waitlists, it's not enough.

"People find out late in life that they don't have any protection against these costs," Cohen explained.

Lisa McCracken from the National Investment Center for Seniors Housing & Care said affordability is the biggest challenge. “Particularly in the middle market, it's a major concern," she told BI.

See Also: The average American couple has saved this much money for retirement — How do you compare?

A Way Forward?

Experts say the government needs to step in. Cohen suggests a public long-term care insurance program funded by payroll taxes, similar to Social Security. Washington State has already started something like this with WA Cares, which provides $36,500 in benefits per person, indexed to inflation.

Gilles wants to see more done. "They've got to provide more support to families going through this," she said. "It's got to be more affordable or they need to provide more resources."

For Gen X, the message is clear: this crisis isn't going away. And for many, retirement is looking less like a goal and more like a pipe dream.

Read Next:

• ‘Which Bucket Do I Draw From First?’ Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts
• Many are using retirement income calculators to check if they’re on pace — here’s a breakdown on what’s behind this formula.