Raising Grandkids? Five Financial Considerations

Keeping your personal finances and your retirement on track will be more difficult, but having a financial plan and tapping available resources, among other things, can help.

A grandfather and his grandson read a newspaper together at the dining room table.
(Image credit: Getty Images)

Darryl and his wife, Jane, are financially very fortunate. They are successful by many measures — they excel in their careers, raised three kids who are now adults and have enough saved to plan for an early retirement with plans to travel around the world. Darryl is even beginning to realize some of his lifelong dreams: The custom motorcycle he has coveted for decades is on order, and his business plan for a Cheers-style establishment — which he and Jane plan to run well into their retirement — is well underway.

One day, a call from Child Protective Services made it necessary for Darryl and Jane to adjust course. They found themselves taking in their four grandchildren, assuming the roles that their son and daughter-in-law could no longer fulfill. Darryl and Jane didn’t anticipate raising grandkids, nor did they know how to navigate this unexpected situation.

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Stephen B. Dunbar III, JD, CLU
Director of Diversity & Inclusion, Executive VP, Equitable Advisors

Stephen Dunbar, Executive VP of Equitable, has built a thriving financial services practice where he empowers others to make informed decisions and take charge of their future. He and his team advise on over $3B in AUM and $1.5B in protection coverage. As a National Director of DEI for Equitable, Stephen acts as a change agent for the organization, creating a culture of diversity and inclusion. He earned a bachelor's in Finance from Rutgers and a J.D. from Stanford.