A substantial segment of India's senior citizen demographic comprises individuals from middle-class backgrounds.
It's universally accepted that parents should support their children. However, the duration of this support varies greatly across cultures. In Western nations, parents typically provide for their children until they complete high school, around 18 years old. In contrast, in Bharat, parents often sacrifice their own needs to support their children throughout their lives, even into old age.
This selfless attitude leads parents to save and create assets not just for their children, but also for their grandchildren. In contrast the children in western nations pursue college education through bank's loan and working part-time.
Many seniors in Bharat face a perpetual cash crunch, prioritising their family's needs over their own.This highlights a profound cultural difference in the way societies approach family responsibilities and financial planning.
Seeking financial help from children in times of need can lead to awkward situations and family conflicts. To avoid this, it's essential for parents to plan ahead and secure their financial future.
A practical solution is for parents to save and keep an easily accessible cash reserve in banks during their retirement years. This approach allows parents to maintain their independence and avoid seeking financial assistance from their children.
It's crucial for parents to prioritise their own financial security, even if it means being slightly selfish. Converting assets or property into liquid cash can provide a safety net, ensuring that parents can meet their financial needs without straining family relationships.
Many parents invest their savings in buying a home, often with the intention of passing it down to their children. However, it's essential to separate sentimental value from financial practicality.
Parents should consider reverse mortgage options to unlock their home equity, providing a steady income stream during their golden years. This pragmatic approach can help ensure their financial security, without burdening their children or compromising their own well-being.
By setting aside emotional attachments, parents can make informed decisions that prioritise their financial stability an independence.
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