One interesting demographic trend in recent years has been a significant increase in the number of retired people who are raising their grandchildren either some or all of the time.

Recent data from the Pew Research Center demonstrated that nearly 10 percent of children in the U.S. live with a grandparent, amounting to about 2.9 million in total.

The reasons for this trend are varied, although the economic difficulties of the past several years have likely played a role in contributing to the increase.

“These are not necessarily grandparents who are retired. They’re preparing for retirement, and a lot of times their retirement savings is going down the drain. They lost it or it was undermined by the economic situation, and now they’re spending it on family. It puts the grandparents’ generation in jeopardy as well,” said Amy Goyer, a family expert with the AARP.

While people will face various financial issues in their retirement years, one particularly important thing to consider is long term care insurance. This is because the rapidly rising cost of nursing homes and other services not covered by Medicare can place considerable strain on families over time without sufficient planning.

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