Grandparents may sacrifice too much to shore up children’s finances
By KARA MCGUIRE – Star Tribune (Minneapolis)
MINNEAPOLIS — Mike Hennessy crouched behind a large beach ball to deflect a deluge of rubber balls delivered by his 5-year-old grandson, Braeden. Playing daily rounds of a made-up game his grandson named “Dude Brother Russell” wasn’t how Hennessy, 58, imagined spending his retirement days.
But when his daughter didn’t have thousands of dollars to pay for day care, Mike and his wife, Joan, willingly stepped in.
Grandparents helping their children and grandchildren is nothing new; that’s what family is for. But the extent of the support – whether it’s providing a place to live, caring for young grandkids, covering back-to-school shopping or paying college tuition – has increased with the fragile economy.