I am 65 and look after, 2 grandchildren aged 8 and 4, they are both at school, but one day a week both parents need to be leaving for work at 7am, so i get up at 6am. in order to be at their house to supervise showers, breakfast, and take them to school, I try to leave the rest of that day relatively free, so that I am rested when I collect them from school at 3:30pm.I give them tea and take them home when parents arrive home from work at about 6pm. I also collect them on at least one other day in the week, and have to fit this in around shopping and caring for my 90 year old mother, who lives a 50 minute drive away, twice a week. I share the elderly caring with my sisters who live closer to her. I find that as long as I pace myself, I am able to cope and have quite a busy social life as well. I have rheumatoid arthritis and I am waiting for knee replacements, so not the fittest Granny at the school gate!
I find that when I am not needed for child care, or haven't seen them for couple of days, I get a bit sad, so I think at the moment the benefit works both ways.