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I know I and many others mockingly complain in a joking manner about our grandkids costing us a “fortune” when they visit—but with no malice intended, did you actually consider these costs when crafting your retirement spending plan?
I certainly never thought about this; it didn’t even cross my mind. Maybe I’m being too generous, or perhaps I’ve had a run of bad luck. In recent months, my granddaughter dropped an iPad, requiring a replacement, and my grandson accidentally let a toy car slip from his hand while spinning around, resulting in a car-shaped hole in our TV.
Some costs we did consider beforehand: Christmas and birthday presents, for example, along with money we put into savings accounts for their future. Beyond that, I never thought through the scope of other expenses, and these, I’ve found, can build up over time.
My daughter works hard but struggles financially, and Suzie and I feel an obligation and need to “help out” with care costs. Recently we purchased a school uniform for our grandson and all his back-to-school essentials, plus a daycare uniform for our granddaughter. Although I don’t really understand this expense, we also pay a monthly subscription for games on his Xbox.
During the summer, our grandson stayed with us at our holiday home. Eating out involved an extra hungry mouth with hollow legs attached! Requests for money to visit the harbour shop with his friends soon mount up. We both enjoy playing golf together—that’s another extra cost. The thing is, we handed this out without a thought or any regrets; he’s my grandson. But it’s certainly not spending we detailed on any spreadsheet.
It’s natural that love for our family makes us blind to these costs—after all, what good is our wealth if we don’t use it to improve the lives of our nearest and dearest? But should we maybe make certain of our own financial firm footing? By doing so we can ensure our continued ability to help our family and, just as importantly, look out for our own needs.
I’m in the fortunate position that these unforeseen retirement costs are not an issue, but not everyone might have this luxury within their budget. More awareness of this emotional spending during retirement planning could help. We could then spend freely and joyfully on our grandchildren. And we could do so without the worry of compromising our own retirement security.
Neither of my grandparents had much money but one taught me to fish and the other taught me to ride horses. They both had huge summer gardens and I learned to eat and cook (with my grandmas) out of the garden. It was amazing. I wish my children would have had that! It’s still some of the most beautiful times of my life.
Grandchildren are the future. They deserve everything we can give them. Our nine get a lot from us, plus, we get much in return.
We help with everything. School tuition, clothes, spending money, meals out and, most importantly, we give our time, thoughts, examples to follow, philosophy, wise counsel, love, and respect.
Their ages are 27-16, five girls and four boys. They are so different from one another. We’re amazed.
We talk often, eat out, shop, and hang out in groups and one on one. They us call and text often.
I never had that with my grandparents when I was young. To this day, I’m not sure who was a fault.
We’re a blended family coming up on 40 years. We have no step children or step grandchildren.
Do everything can to keep everyone close to you for as long as you can. Every relationship is so special.
One simply can’t put “a price tag” on the joy given us bt our grandchildren.
And watching one of our children ‘parent’ leads me to believe that we did a pretty swell in raising them.
The title is funny: who did not tell you that grandchildren are expensive? Of course they are. That is obvious to anyone who has had children or, before retiring, grandchildren. Anyone who views spending on grandchildren in retirement as an unexpected or unplanned retirement expense either was not paying attention during their pre-retirement years or was not a good retirement planner.