For parents with 3 or more children: do you save for retirement?

Or are you counting on having your children take care of yu in old age?

Public Comments

1. Who has any money to save when you have three children?
2. my dad did
3. 401k plan
4. My husband and I save for retirement, I don't think that it is our kids responsiblity to take care of us when we are old.
5. Retirement plan better be in the works for any one with kids. No guarantee kids will live longer than parents. Two of mine have already died.
6. i can't save as much as i would like for retirement yet b/c i am saving for their college... there is no way that i am counting on them to take care of me, i would not expect that... i am planning on socking away a lot more for retirement after the college bills are out of the way
7. My mother didn't. She raised 3 of us as a single mother on a bartender's salary - the bar was in a town of 137 people, so money wasn't great, there weren't benefits, and it sucked. I think her intention was to live on Social Security, but that doesn't cover all it needs to, so I cover the rest for her. I don't mind, though - she is my mama and she took care of me, so I can take care of her! ADD: I just want to also say that my mom did the best she could for us and was pretty much stuck in the situation. She never wanted us to take care of her, and if she could have had a decent job, things would have been different. At the end of the day back then, there was no money for a phone or heat. I put myself through college, I own my own home, I am saving for retirement and I am PROUD to say that I am taking care of my mother!!! I don't find her to be a burden at all and actually wish she would let me do more for her. =P
8. I only have two kids that I basically raised by myself. I never had enough money to put away for retirement at the end of a pay period. I've put them both through college, so I'm hoping they return the favor and take care of me in my 'golden years'...which, by the way...aren't very far away.
9. i save. why should i bring them into this world, just to burden them with my thoughtless (not saving) self?
10. save...bc u have no guarantee that your 3 or more children will take care of you, your children will grow up and start their own family so they might not have enough money to give u [the parent(s)].
11. well im not a parent....but my mom has three kids. and she doesn't save for anything!! lol and i don't know if she expects my lil bro to take care of her later or not....she already knows im moving and going to college,and my sister is a total druggy loser......(no offense to her) anyways, im not sure my mom has any plans for her future. she just says that there's no point because the system is going to end soon.....which is true........so i guess she has a good point! :P
12. I save for retirement. My kids work and paid for their own educations. I paid off my house early. My goal is to leave them with no debt, and perhaps some cash/invetments and property. I expect no one to financially provide for me. (I don't have a lot of faith that there will be much social security available for me when I retire either - so it is all up to me.) Ithink my kids have a very real idea what money is all about by paying for their own education. They didn't skip hardly any classes and performed well gradewise - cause it was on their dime!
13. no children here but I'm thinking that with high credit card balances, mortgage foreclosures, taxes and insurance rising, the cost of food, electric, gas, etc. rising that it's even difficult for a single person with a great job to save for retirement. I'm thinking the government will have to be putting up more old-age homes (or assisted living facilities) in the future since people will have to start saving for retirement and can't really do both. Most times when parents get old and sick (and live long) it's impossible to help with certain things they need so there still has to be a place where they can go. Here in our area people are given credits on their IRS tax return if they keep their parents at home, so that may be the current driving force to help elder parents. In generations before us "family" (although by law sons were responsible for their parents, if there was only a daughter then the eldest would be responsile for their parents) would take in their parents or in-laws when they became elderly. They would give them a room and access to other needed facilities.
14. I have 4 children and yes, I am saving for my retirement! I work hard, have all my life, and do not ever want to be a burden on my children when they start their own families and lives. I saw my own mother have to give up her own in-dependency to care for her mother before she passed and how hard it was on her. Now my mother is almost 58, works 6 days a week but has no retirement, insurance or health care and I definitely worry that I will be responsible financially for her care when that time comes. We love our parents but financially do not prepare to care for them in the older ages. I am working continuously to provide for myself and family now, my retirement later and to also hopefully leave something to my children when I'm gone! So, SAVE now while you can, don't leave it up to your children!
15. Don't count on having your kids help at the old age part of your life. I don't have an income to provide for my childrens retirement and my plan too. They have to get their own plan. The neighbors kids are in prison -- so much for getting any help... To their parents.....
16. I save through work - that is all I can do for now...hopefully, when the expenses slow down, I will save thru other means. HAPPY HOLIDAYS!!
17. hello there we have three children4 years old,18 months and 5 months old,right now we are trying to save for their college,so no money for retirement,we don't expect our children to take care of us when old,if they want and can then good.but with all the worries of parenthood i am not convince we will make it to the old age!!!!!
18. yep. max out the 401k. no way do i want my children taking care of me.
19. No way, can't save for retirement, unti they are 21 and can support themselves. Until then, money saved is for college.
20. as somebody who works in the financial field, I urge you to save for retirement as much as you can. There's no way to know what's going to happen to your kids. I do not wish this upon anybody, but young people die and get hurt everyday in accidents. What are you going to do if you spent all of your income on college funds and your kids dropped out of college? you need to have some cushion, even if it's just putting way $50-100 a month in bonds. I give the same advice to housewives- make sure you save, because your husband may not be able to support you. Don't count on anybody but you.
21. i am saving for retirement me and my husband half too. he dont want to be our childrens burdens!
22. Well my husband works Union and so we plan on the money that we pay each month to the Union that is supposed to be put towards our retirement to support us when we get to retire. The Union treats us great that my husband works for, he has worked for them for over 10 years and by the time that we retire we will have plenty saved to live off of for at least 30 years. So we don't plan on putting any extra money away for retirement, but we do put the money that we would be putting away for retirement in college funds for all 3 of our kids, and if the kids decide not to go to school after high school then we will allow them to have all of the money we put away for them on their 25th or 30th birthday depending on their lifestyle and where they are at the point of their 25th birhtday.