Do you support your parents?
Want to understand if it's just me or everyone else supports their parents financially in their retirement
Talking product sense with Ridhi
9 min AI interview5 questions
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 😀😀
I do send them money every month but that is by choice and they were reluctant to take it in the first place. Also pay their utility bills, travel bookings etc. because they're not tech savvy and will go and stand in line at these offices to pay bills etc. But my parents keep track of all these additional expenses that I do for them and give me cash whenever we meet (again by choice, I don't ask or expect this from them). They're doing quite well overall, have saved enough to enjoy their retirement travelling and chilling and also have enough if I need to fallback on them at any point. I used to think this was the norm in every family and only recently came to know from friends that a lot of them are now supporting two family units - their parents and their own (spouse, kid etc.)
Nice! Sounds like they have their retirement sorted. Curious - by travel, do you mean religious sites or vacation sites like Goa/abroad?
Vacation sites - India & abroad. Tbh they've travelled to more places than I have at this point. And just to add, we don't come from any kind of ancestral wealth, regular middle class family. Probably helped that both were working and I grew up in a tier 2 city.
I find this thread to be ridiculous. A lot of parents did not eat well for sake of your future. You are what you are because of them. Just ask did they think this child is dependent on me..I have to support him/her
Terrible comparison. You are in this world because of your parents' "choice". They had a choice to not bring you into this world as well. As they chose to have you, it's on them to provide you. Vice versa isn't true. You being in this world is not by your choice.
I'm not against taking care of parents. I'm saying it should be out of love and affection. Not because it's your fucking duty.
Not the blind parent worship again. They didn't HAVE to bring a child into this world. They didn't do anyone any favours by breeding.
I send 20% of my salary every month to my parents since my salary was 20k pm and still do now when salary is 1.7L. They never asked for the money ever but I being the only support of my parents did it on my own.
The only difference is previously it wasn’t enough for both of them and now its absolutely more than for 2 people living in T3 city.
Ofcourse I will decrease the 20% to some rational amount after I take a house loan or get married. But until then, I take pride when my mom or dad showoff in front of the friends/relatives that their son is helping in all their financial needs🧿❤️
Where is "My parents are leeches. They're fully dependent on me and I've no choice but to be with them"?