As a Dad blogger, I believe that children are our gift from God! Therefore, it’s natural for us to aim to provide for our children and want the best for them. Biblically, as parents, it is our divine mandate to nurture them, guide them, and help them grow into independent, capable adults – thus, making sure they grow up to be responsible adults who are able to tackle life with ease and confidence.
Also, there is one important thing that we, as parents, should never have on our list of parental roles or rewards: depending on our children to take care of us in our old age. This is something that I strongly push as a dad influencer in the Philippines.
The Myth of "The Retirement Plan"
There’s a certain idea that has been passed down through generations: “Have kids, and they’ll take care of you when you're older.” In some cultures, this notion has been especially prominent. However, here’s the truth — our children are not, and should never be, a backup plan for your financial future. Our divine mandate is to train up a child in the way he should go – not for our sake but for their own sake.
But of course, family is always our family! And the love should always be there. Therefore, love should always bind us all together. And love means being always there and ready to extend a helping hand in order to make things better. It’s great to have your kids there for you emotionally to help you feel loved and secure that you are not alone in this world. That is, we're all in this together! However, that does not mean relying on them financially! Remember that your children are not supposed to be your retirement plan. That’s a whole different ball game which can create a lot of pressure on your kids therefore bring about some negative repercussions on you both.
Why Kids Shouldn’t Be Your Financial Safety Net
They Have Their Own Lives to Build
It’s easy to forget that our children have their own futures to plan for. They might be working on getting their own homes, paying off student loans, or starting families of their own. Placing the burden of your financial security on them robs them of the opportunity to pursue their own dreams without that constant weight on their shoulders.
Unpredictability of Life
Life happens, and kids may not always be in a position to support you financially when you need it. They might face job loss, health issues, or their own financial challenges. So, asking them to take on the financial responsibility of your retirement could put them in a very difficult position.
The Emotional Strain
Imagine the pressure your children might feel, knowing they are expected to provide for your well-being when they may already be struggling themselves for their own survival. This can truly strain family relationships and may lead to resentment. Kids should be able to focus on their own lives and build themselves a bright future, not the burden of financially supporting you during your retirement years.
You Need to Take Control of Your Own Future
It’s important to take responsibility for your own financial planning. Children are tasked to strive to build a life worth living for their own satisfaction and not to cover the expenses of your golden years. By saving, investing, and planning for retirement yourself, you ensure that your children can focus on being there for you in ways that matter: emotionally and morally, but not financially.
What You Can Do Instead: Plan Your Own Retirement
Start Saving Early
The earlier you begin saving for retirement, the better. Contribute regularly to retirement accounts like SSS, Pag-Ibig M2, stocks, or whatever option fits your country’s system. The power of compound interest is a powerful tool, so don't wait to start building your nest egg.
Get Financial Advice
You don’t have to go at it alone. A financial advisor can help you create a roadmap to retirement that suits your personal goals and needs. They can guide you through investments, tax strategies, and other ways to grow your wealth without relying on your children.
Encourage Financial Responsibility in Your Kids
While they shouldn’t be your retirement plan, you can still teach your kids valuable financial lessons. Teach them about saving, investing, and building a future for themselves. This empowers them to be independent adults and sets them up for success in their own lives.
Consider Long-Term Care Insurance
If you’re worried about the possibility of needing assistance later in life, consider options like long-term care insurance. These policies can help cover the costs of health care and support, so you don’t have to rely on your children for this aspect of your care.
The Bottom Line: Give Your Kids a Future, Not a Burden
It’s wonderful to think about being close to your kids as you grow older. Having a strong, supportive family unit is priceless. But when it comes to finances, the best thing you can do for your children is to ensure that you’re not a financial burden on them. Make it your goal to be self-sufficient in your retirement so that you can enjoy your time together without the stress of financial obligations hanging over your family.
So as a Dad influencer in the Philippines, I encourage us parents to plan ahead, save up, and create a future where your kids can love and care for you without the weight of financial responsibility. After all, that’s what family is truly about—being there for each other, without the strings of financial dependency.
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