Retirement Fund vs. College Fund

Do Grandparents Raising Grandkids Have to Forfeit Retirement?

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Establishing a will and initiating estate planning become especially important for grandparents who are raising their grandkids. "Grandparents really need a will to make provisions for the child or children in the event something happens to them," says Farrell. "It's important to work with an attorney, name a guardian and appropriately allocate assets."

If you are covered by medical insurance, look into adding your grandchildren to your policy. If that's not an option, many states offer health insurance to help grandparents with their medical costs.

It is also important to seek out emotional support. Grandparents who are raising their grandkids are prone to psychological and emotional strain as well as feelings of helplessness and isolation. They often neglect their own physical and emotional health because they give priority to the needs of their grandchildren. "It helps to reach out to others in similar circumstances for support and ideas," Farrell says.

While the role of grandparents-as-parents isn't easy, with good planning and plenty of support, there is a sense of joy and a daily sense of purpose and satisfaction that can come from guiding youngsters through life. For additional information from Chris Farrell on this and a variety of financial topics, visit the Right on the Money! Web site at www.rightonthemoney.org

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SAH Mom	Working Mom
SAH Dad	Working Dad
Adoptive Parent	Grandparent
Parent of Twins	Special Needs Parent

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Retirement Fund vs. College Fund

Do Grandparents Raising Grandkids Have to Forfeit Retirement?

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