Monthly Grandparenting Column
by Karen Robbins

Long before homeschooling was even a word, I remember my grandfather sitting down with me at the kitchen table in his old farmhouse and helping me learn simple math. Grandpa would tear off a sheet of white paper used to line the drawers and write upon it simple addition and subtraction problems. How I glowed when he marked a perfect score on my paper! Many parents have turned to homeschooling for their children for a variety of reasons but did you know that there are grandparents homeschooling their grandchildren as well?

In “School’s In,” an article in the AARP Magazine, Laura Daily says “While most older Americans are grateful to be done with science projects and book reports, an estimated 15,000 to 20,000 grandparents have stepped in to teach their grandchildren.” Many are homeschooling their grandchildren while Mom and Dad both work. It seems like a reasonable solution for some. Certainly this is not a viable solution for those of us easily intimidated by the advanced learning curve of our grandchildren but there are many helpful resources available to support the teaching grandparent. Should you embark on this new career, check with the supplier of the homeschooling materials to be sure you will have the guidance you need.

If homeschooling is not in your retirement plan, perhaps you would be interested in investing in your grandchild’s college education instead. A 529 College Savings Plan allows parents and grandparents to put money for college into tax-free accounts. These plans are offered on a state by state basis and use a variety of mutual funds. Some of the information can be a bit confusing if you’re not used to investment language but it is explained quite well at www.Savingforcollege.com. I would strongly suggest using a financial advisor to help you in setting up the fund. There are some pitfalls to avoid with financial aid and an advisor will also help you find a low cost fund.

The 529 is something that you can still have control over and can even be used for yourself should you decide to continue your education. Be aware however, that the tax-free status is due to expire on December 31, 2010. Many believe the benefit will be extended by Congress.

Of course the best education a grandchild receives from his grandparent is discovering the world together hand in hand and learning that he is loved for who he is. That is truly priceless.

Resource:
AARP Magazine: http://www.aarpmagazine.org/family/schools_in.html.