More People Relying On Social Security - Including Grandkids
The number of kids living with grandparents has shot up the past several years
, with estimates now at one kid out of ten staying with Grandma or Grandpa. It's needless to say that today's senior endures even more financial strain because of the expenses associated with having kids at home, be it for food, clothing, or education.Generations United, a non-profit organization established to help improve how children and the elderly live, has come up with a paper that shares statistics on the lives of approximately seven million American children living with their grandparents, who shoulder most or all of the costs of the entire household. The economic security of many of these seniors is resting largely on income from Social Security, which provides the elderly with 40% of their money, on average.
The rate of poverty among families headed by grandparents, or "grandfamilies," is at 22% at present. If Social Security benefits are taken away, the same study tags the percentage at approximately 60%. This makes Social Security benefits such as Supplemental Security Income and Survivor's Benefits integral to the survival of many of these families, not to mention the poverty rate for this particular group.
Children usually start staying with their grandparents after an emotionally or financially stressful event happens in the family. These incidences include parents' substance abuse issues, mental illnesses, incarceration, or death, which would leave one spouse to take care of his or her kids with difficulty, or worse, would result in the children having to fend for themselves if the grandparents don't take over.
Since 2007, a staggering number of children have moved in with Grandpa and Grandma due to their parents moving around the country looking for a means of livelihood. Developments in regulations surrounding foster care have also made this setup more common. Seniors may not expect to raise children in these relatively advanced years, although the advantages are many (provided that Social Security delivers), including positive emotional support both from and to grandparents and the kids they take care of.
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