Providing For Parents in Singapore: Can We Give Enough?
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Think parents nowadays save for own \"retirement\" rather than \"university\" school fees for kids?
We should collect the \"receipts\" of milk powder, diapers etc, and show to kids next time to ask for reimbursement? :rotflmao: -
Lilac66:
One of the best gifts one can give to their children is to be financially independent in retirement. That's what I am looking to do. Frankly I won't be looking for anything from my children, and will be quite glad if they aren't coming to me for handouts in their adulthood!
I somehow worry for the parents nowadays who stretch their finances for the kid's education and do not plan for themselves. -
3Boys:
Fully agree! :hi5:
One of the best gifts one can give to their children is to be financially independent in retirement. That's what I am looking to do. Frankly I won't be looking for anything from my children, and will be quite glad if they aren't coming to me for handouts in their adulthood! -
For us, I would insist/ start to \"brainwash\" the kids that they must give us a allowance when they start working. Eg. x% of pay.
Hopefully we don't need it (if we are financially independently). If we don't need it, take it as a reserve for them. Maybe give it back to them in will????? or when they need it????
Besides pocket $, we have been educating them about paying for our holidays too. Err.... we told them not to Genting but we prefer to go to US/ Europe. Not just tour fare but also must include pocket and shopping money
As we have 3 kids, we were joking that maybe each of them can be responsible for 1 item??? Oops given that we've 3. Hope it's not the case of \"everybody\" thought \"somebody\" will take care of us. But in the end \"nobody\" took up the responsibility.
Right now, we set example by providing for our parents. Eg. I pay for my parents' housing instalment (can be treated as investment for us), maint and also provide them with allowance. I would also have to pay for their holidays since I am the only child. My mum always tell dc since young that see... your mum is working hard to provide for us, etc.... In addition to that, we stay with pils. dh will ask one of the kids to pass the allowance to fil every month. So this probably make them think that providing for parents is the norm.
If it happens, it's a bonus but in the meantime, we are striving for financial independence. dh told ds we will not leave behind our existing house for him. We will sell off the properties and then tour the world.... so don't expect too much from us. -
3Boys:
One of the best gifts one can give to their children is to be financially independent in retirement. That's what I am looking to do. Frankly I won't be looking for anything from my children, and will be quite glad if they aren't coming to me for handouts in their adulthood!Lilac66:
I somehow worry for the parents nowadays who stretch their finances for the kid's education and do not plan for themselves.
Yes, exactly. DH's sentiments too.
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When my kids start working, Iโll expect them to fund some of the household bills, be it maintenance fee/SCCC, utilities, telco/ISP. Cannot let them take for granted that we will continue to pay for everything.
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http://www.aware.org.sg/2011/07/no-money-for-retirement/
Tried the calculator in the link? See the amount needed already make me scare. :faint: -
buds:
:hi5:
Fully agree! :hi5:3Boys:
One of the best gifts one can give to their children is to be financially independent in retirement. That's what I am looking to do. Frankly I won't be looking for anything from my children, and will be quite glad if they aren't coming to me for handouts in their adulthood!
My dad planned well and so my parents are financially independent. Whatever I give was a bonus and I didn't have to worry too much. Till now, there wasn't much issues from my family.
On the other hand, DH was poor since young and stressed for years having to carry the burden of supporting his parents and siblings (even while studying)....and besides the financial burden, there were many other issues too.
Based on our experience, we are also hoping we can be financially independent and so will the kids. The other thing is.....we hope to have a quality lifestyle and 'go fast' when it's time.....no dragging of legs.
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MMM:
For us, I would insist/ start to \"brainwash\" the kids that they must give us a allowance when they start working. Eg. x% of pay.
Hopefully we don't need it (if we are financially independently). If we don't need it, take it as a reserve for them. Maybe give it back to them in will????? or when they need it????
Besides pocket $, we have been educating them about paying for our holidays too. Err.... we told them not to Genting but we prefer to go to US/ Europe. Not just tour fare but also must include pocket and shopping money As we have 3 kids, we were joking that maybe each of them can be responsible for 1 item??? Oops given that we've 3. Hope it's not the case of \"everybody\" thought \"somebody\" will take care of us. But in the end \"nobody\" took up the responsibility.
Right now, we set example by providing for our parents. Eg. I pay for my parents' housing instalment (can be treated as investment for us), maint and also provide them with allowance. I would also have to pay for their holidays since I am the only child. My mum always tell dc since young that see... your mum is working hard to provide for us, etc.... In addition to that, we stay with pils. dh will ask one of the kids to pass the allowance to fil every month. So this probably make them think that providing for parents is the norm.
If it happens, it's a bonus but in the meantime, we are striving for financial independence. dh told ds we will not leave behind our existing house for him. We will sell off the properties and then tour the world.... so don't expect too much from us.
your dil might not be happy about this
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I told my kids ไฝ ไปฌ่ฆๅ ปๆ. Been brainwashing them since they were preschoolers. And I continue to plant them that idea whenever opportunity presents itself. Need to reinforce.
How much we have in our bank account is irrelevant to them. Strictly our security blanket. I expect them to provide for us at old age. We will leave them our assets as estate.
My dad hasn't touched a single cent of his cpf retirement withdrawal. My siblings and I chip in to provide 100% of his living expenses. He said he can sleep much better at night this way
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