Retirement time bomb
One reader has asked Pattu about a retirement crisis and Pattu has replied to that. Here is my take.
Retirement crisis in India is not visible. It is very well hidden. The parents have an inflated home and the kids have a cash flow. So 6 people live in a 1bhk in Mumbai – 4 of this gen and parents. If there are 2 married sons, then 10 people live in this 1bhk. If they are lucky and this is in a good location, then they sell it and buy in a cheaper location. Is this a retirement crisis?
A nephew buys a house and gives it to the aunt and uncle to stay in that house asking them to just pay the society charges..
A son in law takes the princely amount of Rs. 12 L from his in laws and tells them he gets 30% return on that, so he can pay them Rs. 30k a month for expenses. I know the son in law gets 8% in some bond fund.
Children LIE to their parents saying “don’t worry, my company bears the cost of your hospitalisation”.
I know a nephew who funded his uncle for 3 years -Rs. 7 L approximately, but when the uncle died he inherited the house worth Rs. 29 L.
Just too many cases. You decide whether these are Retirement crisis cases…..
bharat shah
Really not same, but similar is our case 72-66 yr parents of a worthy married son and a married daughter. We have 2 BHK inflated home for us 6, not in Mumbai, but in Gujarat city , but a little cash.But I calculate we can survive on our wealth i.e. house by imagining reverse mortgaging internally. I am keeping family accounts since 14-15 yrs of loosing my job religiously, debiting proportionately, and still no problem. What could have I done otherwise?