Retirement
Fund vs. College Fund -- Do Grandparents Raising Grandkids
Have to Forfeit Retirement?
(continued)
Be sure to look for financial support and legal services
assistance in your area. State and Area Agencies on
Aging across the country have instituted programs
and services to assist grandparent caregivers and
help them identify and access available services.
You can reach them at (800) 677-1116 or www.aoa.gov.
The AARP Web site: www.aarp.org/grandparents also
offers tips and information for grandparent caregivers.
3. Make a Will
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,” advises Farrell.
“It’s important to work with an attorney, name a guardian
and appropriately allocate assets.”
4. Explore Health Insurance Options
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.
5. Find Support
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 adds.
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, www.rightonthemoney.org
Courtesy of ARA Content
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