Grandparents Raising Grandchildren
More and more grandparents are being called on to give up their plans in order to look after their grandchildren as families crumble, just as the looming expenses of retirement cut into the retiree's income.
LifePath has grants to help grandparents with costs incurred by the care they provide their grandchild or grandchildren.
AARP recently released a 2011 national update on "The Growing Contributions and Costs of Family Caregiving." This study suggests that in 2009 the unpaid work provided by family caregivers was about $450 billion, or 4 times what Medicaid spent on long term supports directly. Specific numbers for Massachusetts suggest that there are 858,000 caregivers at any given time, providing 821 million hours of care per year, and the value of the care they provide is $10.9 billion a year.
The study estimates that family caregivers over the age of 50 today who leave the workforce to care for an elderly relative can expect to lose $115,000 in wages, $138,000 in Social Security benefits and $50,000 in pension benefits.
For more information on grants for grandparents raising grandchildren, please call 800-732-4636, 413-773-5555, 978-544-2259, or TDD 413-772-6566, FREE, Monday through Friday 9 a.m. to 5 p.m. Or contact us via email.