Avoid Depending On Children For Post-Retirement Expenses

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  • 30 Jan 2023
Avoid Depending On Children For Post-Retirement Expenses

Your children bring you endless joy, pride and satisfaction. You do the best for your kids to give them a good life, a good education and every opportunity to shine in life. While they love you tremendously, it should ideally not be their job to look after you once you retire. They should be free to carry on with their lives while you comfortably live yours.

Money Brings Independence

The biggest reason why people depend on their kids is that they don't have the financial resources to support themselves after retirement. When you have to live with your kids and survive on their salary, some limitations and boundaries are created. However, when you live by yourself and pay your own bills, you are free to do what you want, go wherever you wish to go, and live life the way you like. This is a priceless gift that only you can give yourself - so take the first step and start your retirement fund today.

Money Buys You Health

Health, especially in your old age, is a matter of concern. You require frequent health checks, medical attention and even hospital trips. When you have a health insurance plan or enough money of your own to take care of your health bills, you become independent and do not need your kids to take care of these expenses. Buy a good health insurance plan now and keep it active till the last day of your life. Invest in your health and buy yourself the joys of wellness and mental peace.

It Is Easy To Plan Your Retirement

Fortunately, planning for your retirement years is very easy. There are several options available. First and foremost, you have retirement life insurance plans. These plans are excellent options as they help you to slowly build a retirement corpus over a long period of time, without taxing you financially. There are also various investment options to choose from, such as SIPs and savings schemes like NPS and PPF.

It Preserves Relationships

Money may cause rifts in relationships and that is a harsh truth. If you impose your postretirement expenses on your kids, rifts and disagreements might arise. You can avoid such cracks in your loving family by making yourself financially independent in your retirement years too. They will willingly take care of you and that will be beautiful. Be the boss of your own money and hold your head high till the finish line.

Bottom Line

Whether you are in your twenties, thirties or forties, it is never too early, or late, to start planning for your retirement. Having a retirement corpus in place allows you to remain independent till the last day of your life. Also, it allows you to live a happy and comfortable life on your own terms, while your kids get to live their own lives. Make use of the various retirement planning platforms to choose what suits you best and start planning for your golden years right away.

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