: How Raising your Grandchildren can Deplete your Retirement Savings

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(402 Words)
Unfortunately raising your grandchildren can deplete your retirement savings. Children are extremely expensive, and it is often not a single cost but the culmination of many different costs that ends up taking away from these important funds.
Food
Children go through a lot of food. Unlike some other costs associated with them, this one is unavoidable, and the funds may have to come from your retirement savings. Of course you can try to save money on these costs by shopping during sales, buying store brands and using coupons. The children will also need toiletries like soap, shampoo, toothbrushes, etc.
Home costs
You might spend far more on your home when you are raising grandchildren. For instance, you may have to move into a larger place. A lot of people of this age are living in senior communities and you can often get great deals on those. Many of those do not allow children, however, so you may spend a significant amount of your retirement savings moving to a different location. Of course there are a number of other home costs like linens, furniture for their rooms, etc.
Clothing
Kids are not like adults. They cannot just decide to keep the same old clothing because they do not want to spend the money for new ones. Kids are constantly growing, thus you will have to keep up and get them an entire new wardrobe every few years or even more often. These costs can really add up, and your retirement savings may be the place where you get them from.
Healthcare
Healthcare can be very expensive, and most consider it a necessity. Between co-pays and premiums you may be paying quite a bit from your retirement savings. You will also need to pay for dental and possibly vision costs as well.
Toys/books
Children’s toys and books are not inexpensive. They also outgrow these so you may constantly be buying new.
Activities
A lot of children like to be in activities and you may not want to deny this to your grandchildren. They may go on expensive school trips. They may want to do ballet, soccer, join a zoo, etc. You also might want to throw them birthday parties or take them away on vacation.
With children, costs can add up very quickly, no matter whether they are your kids or your grandchildren. For grandparents raising their grandchildren, this may deplete their retirement savings.
Updated On: 09/16/2010 Published On: 09/16/2010 Article ViewerClose
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