As of two weeks ago, I have joined the ranks of 70 million grandparents in this country. I have a new grandson and my new name is Nana. Along with babysitting and all of the other fun stuff that goes along with my new title, as virtue of my profession, I am also thinking of the financial responsibility we want to take on. I have often advised my clients to be the owner of their grandkid’s 529 accounts – in that way, they can still apply for grants and scholarships without having to list the 529’s as assets.
At 70 million strong — up 24% from 56 million in 2001 — the group spends a collective $179 billion on their grandkids annually, according to new research from AARP. The average spent is $2,562.
I look forward to all of the fun that goes along with being a Nana, and welcome the opportunity to help provide for his education.