India is a young country. It is a growing economy.
But that does not mean there isn’t a retirement problem here.
India is a country of nuclear families. Children and parents live in different cities. Very few retired people have planned for their sunset years.Many try to keep themselves involved in some “small work” just to stay afloat. A large number of the old are living alone. This is the reality and is only set to grow darker on two counts. First longevity is increasing due to better healthcare facilities and processes. Secondly the country will only grow older hereon which would increase the proposition of old people.
While being physically close to parents fills a huge emotional need, it may not always be possible. Can there then be a second best solution; of helping the old parents. Can we provide for their financial needs.
The Indian economy is growing at a rapid pace and this is enabling the possibility of wealth creation for many of us. Power of compounding, if given enough time, will create more wealth than what we will need for ourselves. On the other hand, inflation will make salaries sky rocket and our savings may have little relevance for our children. However, we can pass on the benefit of wealth creation to our retired parents even as we build our own corpus.
The method is simple.
As your corpus continues to expand, a small but meaningful amount can be systematically withdrawn every month and directly transferred to the retired parent’s account.In this way as you continue to create your wealth you also also create relief and happiness for a retired soul. Solutions exist. All one needs to do is consider the possibilities.
If our parents have failed in their retirement planning, why can’t we provide them with a Family Plan. After all when we failed in our lives didn’t our parents provide us with an alternate plan.
Who says God is in heaven. God is within us. All we need to do is a Godly act.
Questions for you