How to help the retired have financial dignity3 min read 05 Jun 2018, 09:31 AM IST
If you know that your parents are going to be financially dependant on you, then the corpus needed for your parents' needs should be a financial goal for which you must plan early on
Most of the GenX, i.e. people in their 40s and early 50s, would be at a stage where they have retired parents or widowed parents to look after. But how many actually think about or even plan for their parents’ comfortable retirement? Traditionally in India, the retired have looked upon their children to provide for them during golden years. And this continues with the current Gen X, as corroborated by a 2017 report by the Reserve Bank of India (RBI) on household finance, which found that over 50% of respondents expect their children to take care of them during retirement.
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