According to recently released census figures, eight percent of American children lived at a grandparent’s home in 2010. That’s a record high for at least the last 40 years, and almost four times the rate in 1970. And to put that into perspective for you, only 13 percent of us have reached retirement age! Demographers attribute that increase to a growing number of unemployed young parents who are relying on the older generation for help.
In the past, grandparent-led households were seen disproportionately among certain groups, like African American grandmothers. But now, with the widespread impact of the recession, active grand-parenting is increasing across the board.
The financial plans that you may have made based upon traditional frameworks: taking care of each other, your home, vacationing, just being your average, retired older couple, are likely now being redefined. Many people who relied on pensions and government plans, like social security, or saw their investments dwindle by 40%, are finding that the dollar just doesn’t go quite as far when there are additions to the household.
Setting new expectations for retirement is key to achieving financial security and happiness. It is important to start with knowing what you will do – With grandchildren in your house you are Retiring TO Something… not away from something.
1. Start by Making Goals
What is it that you want to accomplish in your retirement? Do you want more time with your family? Have you always wanted to volunteer your time to a cause you believe in? Do you want to wake up every morning and have a quiet cup of coffee? Your goals are as unique as you, and no two people will have the same ideas, start your retirement off by defining yours! Then figure out how to work your grandchildren into them, most charities can always use extra hands, even if they are small. Coffee can be just as enjoyable fifteen minutes before everyone else wakes up, and perhaps a tea party with Teddy can substitute if you have very early risers. A little planning and you can have your cake and eat it too!
2. List Your Likes and Dislikes
Everyone has things they like to do, and things they do not like to do. List them out. Teach your grandchildren about the things you enjoy doing so you can spend your time together on those activities. I taught my then-ten year old grandson to crochet. He loved having his younger cousins use the blankets or wear the hats he made with my extra yarn.
3. Know Your Expertise
Are you an expert salsa dancer or do you know your fine arts? Can you make technology hum like Steve Jobs? Are you a financial wiz? Share what you are great at with your grandchildren. School can only teach the basics, it is the adults that surround them that they learn from.
4. Stay Active
Kids are a sure fire way to keep us moving! And exercise and activity are important for staying healthy long into your retirement. Take advantage of toting that six month old, shifting her from left to right arm to maintain equal balance. Get up and play kick with your toddler, it improves their hand eye coordination and provides you with cardiovascular benefits. Sure, it might make you want to take a nap when they go down, but hey, why not? You’re retired!
5. Do Your “Homework” Every Week
A tip often repeated by single mothers everywhere is plan out your week in advance like it is a job. Then you will know what you have to accomplish and how much to budget for it, and you can adjust if you are lean on time or money in advance. Know when you will have the grandkids, and what you are going to do each day you have them. Is this week Cinderella’s Adventures, and everyday your princess troupe is going to read stories and watch movies about Cinderella, make up new stories of their own about what happens next, make crowns out of construction paper, and put on mouse noses or bird beaks during clean up time? Make every day special by taking the time to think though how you can show your grandchildren you love having them with you.
GrandmaCents 