Page 6 - Seniors Today Magazine April 2024
P. 6
Cover Story
Damned If You Give,
Damned If You Don’t
Money is an important cause of abuse by children who want to usurp their
parent’s property and the law is possibly the only recourse for senior
citizens, writes Vickram Sethi
What do you do when your grown-up plans. Our society is such that the role of
children ask you for money? Before you being a parent never ends. One is forever
give them an answer you have to consider helping our children navigate their journey
your own ability to provide this financial of life. Once you understand whether
support. It is crucial to evaluate your own they’re looking for a loan that will be repaid
situation, take a close look at your income, or is it a one-time gift, make an impartial
expenses and savings to determine how assessment of your children’s track record.
much you can comfortably afford to give. How careful are they with money, why do
Will it impact your retirement plans, they need the money, can they do without
your ability to meet your own financial it. Dive deep into their request and find
requirements? It is essential to be honest to out how genuine the requirement is, or is
yourself about what you can realistically it simply a ploy to get money out of you.
afford both now and in the future. When Every situation can be different.
your grown-up children ask you for It’s okay to say NO, don’t have any
financial assistance it can be a difficult guilt pangs, if giving financial aid would
situation. jeopardise your own finances. It’s crucial
In India, we don’t have social security and that you have a realistic understanding of
we are dependent on our savings and other your savings, retirement funds, monthly
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