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PrancingDumpling
PrancingDumpling
Stealth

Do you support your parents?

Want to understand if it's just me or everyone else supports their parents financially in their retirement

Send fixed amount every month
Send adhoc money + pay their utility bills
Parents are settled. Don't have to worry
Send money once in a while
1802 votesexpired
11mo ago
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SquishyQuokka
SquishyQuokka
Gojek11mo

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.

PrancingDumpling
PrancingDumpling
Stealth11mo

Thank you for the unsolicited gyaan. But I was not planning on becoming one anyway.

SquishyQuokka
SquishyQuokka
Gojek11mo

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.

GroovyBoba
GroovyBoba
X (formerly Twitter)11mo

Where is the my parents support me option?

PrancingDumpling
PrancingDumpling
Stealth11mo

Hahaha

GigglyPenguin
GigglyPenguin
Stealth11mo

Best one!

WigglyMarshmallow
WigglyMarshmallow
Accenture11mo

Bro my salary goes into a joint account with my dad, and then I receive cash (20% of my income) for my expenses 😮‍💨😂

WigglyMarshmallow
WigglyMarshmallow
Accenture11mo

they are well settled though🧿, rest my income goes into investment or however my dad sees fit

PrancingDumpling
PrancingDumpling
Stealth11mo

Wow. Have heard of girl dads taking care of investments and taxes. This is next level.

ZoomyMuffin
ZoomyMuffin
Stealth11mo

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.

PrancingDumpling
PrancingDumpling
Stealth11mo

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.

ZoomyMuffin
ZoomyMuffin
Stealth11mo

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.

QuirkyMarshmallow
QuirkyMarshmallow
Walmart11mo

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 😀😀

QuirkyMarshmallow
QuirkyMarshmallow
Walmart11mo

And before people jump on me being fraud, everything I do is legal and every pie is accounted with income tax from all PAN's involved and income tax approve it every year

PrancingDumpling
PrancingDumpling
Stealth11mo

What things do you spend on for your parents?

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