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Reply to "People who don't save for retirement"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What are people who don’t make enough to live supposed to do? It’s a privilege to save for retirement. It really is.[/quote] Asian American here. I was a child of immigrants. DH and I support my parents and his mom. We know many adult Asian Americans supporting their elderly parents. It is actually quite common.[/quote] Do you feel resentful about this? Genuinely curious.[/quote] Not PP, but I'm an immigrant who told my two boys jokingly that they need to support in retirement. They know what I went through to get here and how difficult my low wage 12-hour shift job was. It took me 17-years to finish college. I never worked in my field as I was simply old and exhausted by college graduation. Here's a thing, supporting me in my 50s-90s is easy for my kids even if I stay in US. There is no comparison what they have as citizens and what I didn't have as an immigrant. The benefit list and things going for them that I didn't have, is very long. 529, grants, loans, in-state tuition, being male, health insurance, the right to work, investment accounts, Roth IRA, family for support, cheap rent, car, driver's license, all documents in order, friend and high school network, dual-citizens. I love it that my kids know they have it easy and don't take anything for granted.They will not repeat the mistakes I made in life. This alone will put them into a very good financial position. No loaning money to friends for example unless they want to gift it. 19-year old started working right at the start of college and is making $35-$40 an hour now. That's a lot of money for a young adult with low college expenses. His tax refund alone paid for 2 classes.The list is way longer, but it would be an overkill to keep going. I'm not asking too much from them. They are still being supported and guided by family when needed. I should even be able to watch my grand-kids for free one day as I'm not even 50 yet. I don't expect them to be resentful at all. I'm making it very cheap and easy for them to pay for my living expenses in the old country. I actually have enough, but joked that I'd like $500 from each a month.They won't even have an estate to close as I hope to do it for them, or funeral to attend. I cannot make their lives any easier. They are very sensible kids and not big spenders at all. They can also move to the old country (in EU) to keep their own retirement expenses low. [/quote]
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