Want to understand if it's just me or everyone else supports their parents financially in their retirement
Imo you shouldn't be reliant on your kids. Indian parents do have a tendency to see their children as investments, hence the trend to pursue risk averse careers.
If your parents did not do appropriate financial planning then the responsibility falls on you to take care of them. This will inadvertently lead to drag on your growth as capital that can be used elsewhere starts flowing there.
Even if the decision to support your parents is an emotional one, don't be the parent who has to rely on their kids. Because if you do? Maybe you failed at securing your own future.
Harsh truth but that is the reality.
Thank you for the unsolicited gyaan. But I was not planning on becoming one anyway.
I’m sorry but it wasn’t gyaan. It is the unfortunate reality of being an Indian.
Anyway, it is an opinion and amongst other things it is important that you realise this early in your life while your parents are still alive.
Bro my salary goes into a joint account with my dad, and then I receive cash (20% of my income) for my expenses 😮💨😂
I don't have to. But this is a situation dependent. My parents grew up in metros, had stable jobs and incomes and access to investment avenues (did not tie up a lot in Real estate).
I have cousins' parents who grew up Tier 3 cities, and their children where the only future they could invest in. So they are financially dependent and nothing wrong in that.
And I have some friends, whose folks were well off but financially irresponsible and are doing badly now. The kids are forced to send home money for their parents' stupid ventures (think local money losing businesses, donations to local community etc). This is an unfortunate case.
My parents grew up in metros, but still didn't have enough to fully cover their retirement. But I can understand if % of parents in Tier 2 and 3 who are in this situation would be higher.
Yes. Planning for retirement is quite difficult if there are no avenues which are suitable store of wealth. So it was okay for older generations to invest in their children and depend on them for retirement (If you ever live that long).
However with financial assets spreading, law and stability being higher, with higher incomes and fewer children, our generation can plan for their own retirement and need not depend on our children.
There should be an option for staying with parents. I do, and I have a blank HRA cheque without paying rent and the tax savings are way more than what I spend for my parents 😀😀
