PLEASE NOTE:

MyNews24 is a user-generated section of News24.com. The stories here come from users.

 
Terrylin Backpackers
 
Comments: 40
Article views: 1785
 
 
Latest Badges:


 
View all Terrylin Backpackers's badges.
 

Should children support their parents financially?

03 March 2014, 08:04

In an ideal world, the average couple fall in love, marry and produce planned children.

Both mom and dad are employed and they do the right thing.  They have education policies in place, a pension fund, retirement annuities and investments.

The cycle of life continues.  The parents give their children their roots and then their wings.  The children grow up, graduate, fall in love and marry, produce children and have gainful employment or businesses.

After forty years of faithful service, and with minimal salary increases, of which most covered additional income tax, medical aid, pension fund and cost of living increases, the parents look forward to a seemingly comfortable retirement.

Although their pension, annuities and investments after tax, may be far less than they expected, they vow to live off the interest with the wish to leave their children a legacy.

So often the retirement funds they believe they meticulously planned for may now only cover them for the next ten years and not the next twenty, should they live to the age of 80 years or more.

The parents also have to source their own medical aid which is exorbitant especially for chronic medication and unforeseen hospital stays.

They may also have to replace their car, maintain their property and pay for medical shortfalls.  The interest earned, especially if the rate drops, no longer covers monthly and annual rising living costs which includes food, petrol, electricity, water, rates and taxes.

The parents previous happy plans of travel, dining out and going to the cinema occasionally are now just a dream.

They may have their pride and no desire to ask their children to support them financially.  They would never use the 'after all we've sacrificed for you' lament, although their children may 'borrow' money from them, as they did not realise that life is so expensive.  Sometimes, these children have no intention of paying the money back.

In an extreme case, when I was employed in the Home Loans department at a bank, a Director, yes, his name was at the bottom of the letterhead, convinced his pensioner parents to take out a second bond on their property.  This was paid into his account and he omitted to pay the bond.  I was unaware of the situation until I contacted the parents and they were shattered and so afraid of losing their home.  At their age they did not need this.

Although my children have said they would support me financially should the need arise, as a parent, only in my worst nightmares, would I ask.

But, should I live for another twenty to thirty years, I really can't say.

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.
 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
40 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Submitted by
Bheki Dlamini
Skills development versus off-the...

I have been away from this platform for a while now and the recent stats on the country’s youth skills prompted this post. Read more...

7 comments 441 views
Submitted by
hzcummi
The Truth of Genesis: Another App...

Over 4 billion years ago, Yehovah created the Sun, the Moon, other planets, and other solar systems and galaxies.  Read more...

32 comments 582 views
Submitted by
Lee Grandmaison
Clearing up some misconceptions a...

In debates about GMOs, many people bring up the Farmer Assurance Provision and seem to misunderstand the nature of the act and its effects on lawsuits against biotech companies such as Monsanto.  Read more...

3 comments 224 views
Submitted by
ohomen171
Getting Back A Small Part of My L...

Sometimes small bureaucratic battles fought for years and having a good outcome make one feel wonder.  Read more...

5 comments 274 views
Submitted by
MikeHampton
DA & EFF Stand Together

The DA, EFF and smaller parties were real opposition when they acted together by walking out of South Africa's Parliament yesterday. Read more...

6 comments 410 views
Submitted by
MikeHampton
DA Secrecy: The Death of Our Citi...

My dreams for South Africa, and my place in the arms of her future, were seriously challenged when the death of apartheid was replaced by the ANC's anti-white autocracy. Read more...

6 comments 293 views

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Pre-order your iPhone 6 at kalahari.com

Hurry and pre-order your own iPhone 6 now at SA’s favourite online store!

Bargain box – 60% off

Reduced prices, very limited stock. While stocks last. Hurry and shop now!

Mind blow low prices on electronics

Get either the Prestigio multiphone or Proline tablet 7” tablet for only R699. Offers valid while stocks last. Shop now!

30% off Barbie toys

Save 30% on all Barbie toys and accessories. Offer valid while stocks last. Shop now!

Baby extravanganza month at kalahari.com

Celebrate baby month with a wide range of awesome baby products. Offers valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

 

services

E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on your iPhone Get News24 headlines on your iPhone.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

Calais Website keywords automated by OpenCalais.

 
Interactive Advertising Bureau
 
© 2014 24.com. All rights reserved.
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.