Posts Tagged "grandson"
December 13, 2022
Retiring to Care for Grandchild isn’t Unusual
Retirement can change everything. So can grandchildren.
A new study that looks at the transitions made by older workers finds that the odds of relocating after they retire to be closer to their adult children increase from the pre-retirement years – 16 percent of recent retirees do so.
Some people make these moves, to within 10 miles of family, right around the time of retirement, but the relocations are still happening at least four years afterward.
A new grandchild provides an even more compelling reason to move at a time quality childcare is expensive and in short supply. In the study, the researchers found that one in 10 grandparents who, prior to retiring, already considered themselves caregivers for at least one child move closer to the child’s parents. That doubles to two in 10 after they retire.
The probability of making a move is “higher for older adults reporting grandchild care compared to their peers who do not provide such care,” conclude Megan Doherty Bea and Somalis Chy at the University of Wisconsin.
They tracked some 3,000 older workers’ answers to a regular survey during a 12-year period around retirement. The survey collected a range of personal data, including information about their finances, where they live, and whether they spend at least 100 hours a year taking care of grandchildren.
One curious aspect of this study is that retiring and moving doesn’t necessarily mean the person will simultaneously sign up for Social Security benefits, which raises the question of how the new retirees support themselves. …Learn More