Raising grandchildren in retirement

Millions of pre-retired and retired Americans are becoming part of a new trend. Unlike other trends, it’s one they likely didn’t envision for their golden years. Instead of learning a new hobby or dedicating time to life passions, this population is facing an entirely different reality. They are jumping back into the role of parenting.

According to the U.S. Census Bureau, nearly three million grandparents today are raising their grandchildren and the numbers are increasing. Poverty, substance abuse, death and extended military deployment are among the leading causes for this change in the family dynamic in America. The term “grandfamilies” has been coined to describe homes where grandparents are the primary caregivers for their children’s children.

As you might imagine, I’ve worked with several families who are both planning for retirement and raising grandchildren. Raising children at any age is expensive, but it presents a series of unique challenges for older Americans who are close to retirement or already retired. In my conversations, financial stress is usually grandparents’ primary concern. Some grandfamilies I’ve talked with have even had to go back to work to make ends meet.

That in mind, if you are a grandfamily or know a grandfamily, there are resources out there to help you navigate the challenges. Here are six different resources to educate yourself about, to help ease the financial responsibility of childrearing.

1. Temporary Assistance for Needy Families (TANF) is a federal program that provides financial assistance to help families with dependent children; and grandparents are most certainly eligible if they are the primary caregivers. While there are income limits to eligibility, every grandfamily should at least explore the option. Even if the grandparent does not qualify for TANF because of household income, they may still be able to receive support for the child through the “child-only grant”. As the name implies, any support would only be provided for the child’s financial needs.

2. Medicaid is available to all children who do not already have access to private health insurance. Therefore, grandparents can and should apply for Medicaid on behalf of their grandchild. Depending on the child’s medical history, this can be a huge financial relief if the child is frequently sick or needs any type of specialized medical care or services.

3. Social Security is an option for grandfamilies who are raising children whose parents are deceased and also for children with significant disabilities. For more information about eligibility, your local social security of-

fice is the best resource to discuss social security benefits.

4. BenefitsCheckUp.org is a great website that provides a comprehensive list of additional financial assistance programs. The site helps grandfamilies search by state to determine if they may also be eligible for guardianship subsidies, non-parent grants or kinship care, lower energy bills, discounts on prescription medications and much more.

5. AARP offers a wealth of information for grandparents through their “Grandfacts” state facts sheets. Visit https://www. aarp.org/caregiving for help finding information about college savings, public benefits and much more.

6. “The Supporting Grandparents Raising Grandchildren Act” was passed into law in July this year. The law is focused on finding ways to help grandparents meet the health, educational, nutritional, etc. needs of the children in their care while also helping them maintain their own physical, mental and emotional well-being. Find out more and know your rights.

Now that you’re equipped with these resources, do not underestimate the importance of demonstrating some kind of custody or parental authorization since the majority of aid programs will require this. Without parental authorization, a grandparent will likely have trouble doing even everyday things like enrolling a child in school or going to the doctor.

Therefore, in order to become the best advocate for yourself and your grandchildren, make sure you obtain the formal documentation you’ll need. This will likely involve talking with an attorney to learn more about the best arrangement for your family’s situation. Being proactive is important and will hopefully prevent the courts from making a custody/guardianship decision for you and your grandchild.

If you’re among the generous,

Tom Kalejta