Should we should save for retirement?
My husband and I are in our later thirties. We are planning to settle in Australia or Canada. Both of us do not have any good guidance from any experienced elders regarding anything in life. So far we have not saved a penny for our retirement. Experienced people please guide me on the follwing: 1) If we do not save will the governments of these two places help us in futureafter retirement? 2) Is setting up a parallel income recommemded? 3) What the conditions of old people who have not saved all thier life (will they be provided medical help)? 4) Is it prudent to save monthly, yearly? 5) Do children take care of poor parents? (My husband is currently well off. And we give the best to our parents and children. Will we too be taken care of similarly)? 6) Many parents who are financilally dependent on their children in their later years are insecure and encourage disharmony in thier children's married life. Why?
Public Comments
- unless you are planning on living in a cardboard box, or are filthy rich, you better be saving!!! minimum to set aside is 10% of your income, but that is bare bones minimum. don't count on the government of any country to help you, and if they do, it will be subsistance level only, don't expect to be warm and well fed. you have only yourselves to count on. I certainly hope your children will take care of you, but that mostly depends on how you raise them. are you raising them to believe that family is important, and that old people are to be respected and honored? are you raising them to be responsible adults and to have respect for others and themselves? even so, they could have tragedies in their own lives that prevent them from being there. and when you consider that people are living longer than ever, how do you think you are going to pay for your food, housing, medicine for all those years after retirement if you don't have some set aside? I bet if you go into a senior center or retirement home in any country, you will find plenty of people going without medicine, food, and other important things because their social security or government benefits just aren't enough. contact a financial advisor or do some research yourself and start saving and investing now.
- Irrespective of the place or future, it is always good to utilise our potential to earn and save as much as possible, which may be helpful for us and also the next generation. In my opinion systematic investment plan is the best and easy too.
- Wow. You have a lot of excellent questions. First: definitly save something from each paycheck. Second: teach your children to save as well; your children should have the things they need and some things they want but not everything they want. If you give them everything they will be poorly prepared for life in the adult world. They may grow up to be quite self centered and you may wind up not being cared for by them. Third: I do not know about Canada or Australia. I do know in the USA social security retirement may not be enough. It is a good thing to have a comfortable amount to use for retirement. Think of what you and your husband use for daily living expenses not counting supporting and maintaining your minor children. This amount should be available to you in your golden years. Fourth: You are to be really commended for taking care of your parents. Teach your children from a young age to respect and take care of those who no longer can work or take care of themselves. I certainly would not count on the government to be there when I need help. Especially if I was not a part of their workforce during my earning years. Best Wishes
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