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How different is that from historical and current practice among many from the lower middle and lower income ranges who have difficulty saving for their own retirement and depend on support from the next generation once they are no longer able to work?
Of course, even in higher income ranges, those who, in retirement, acquire disabilities that require assistance or caregiving may be unable to pay for such assistance or caregiving and become dependent on the next generation for such assistance.
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We’ve told our kids for years that we plan on living in their basement playing video games once they grow up (and we get old). We may, or may not, be joking.
That aside, we did spend more with our kids when they were growing up rather than socking it all away into a large retirement fund and doing little. I’ve told them I think my math will work out, so we should be fine. Two of the three of them have told us we’re welcome to stay with them should the need arise. They really appreciated what we chose. I think the third would be helpful as well TBH. He’s just not as vocal about things in general.
For many around me who aren’t as fortunate to be able to sock much away for retirement, they plan on working until they can’t, then yes, kids often help. It’s a way of life - nothing new. When one doesn’t earn much it’s near impossible to have decent savings.
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I think the obligation to care for one’s parents is probably there for people from many cultural backgrounds, especially in situations where the older generation was not well off, but it comes out differently.
I was a free lunch kid (but we were almost never food-stamps poor, and we were always housed). Finances were NEVER discussed in my house with us kids.
My parents, who are divorced, both ended up retiring during the pandemic years (semi-voluntarily, not for health reasons). Neither of my parents would ever ask for support but none of us kids will be surprised if one or the other ends up needing it. My husband and I are savers and we are also financially able to set aside more than we think we’ll need for our own retirement in anticipation of helping cover theirs. I suppose we could choose not to - it’s certainly never been discussed with my parents - but we feel that would be wrong. We are not Asian but I can’t imagine our situation is atypical.
Because my family shies away from financial discussions so strongly, I worry whether my parents can be honest enough with us kids so that we can help before a need turns into a crisis. This article reminds me that it’s probably something we should try to bring up with them somehow.
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