Forum: Let seniors decide on how to plan for retirement
I refer to the Forum letter, “
- by autobot
- July 30, 2023
- Source article
Publisher object (23)
I refer to the Forum letter, “ ” (July 25), where the writer opined that these schemes would entail seniors giving up their dream of bequeathing their homes to their children. He added that downsizing would compromise living standards and discourage the young from starting families. There are many reasons why seniors opt for downsizing. Some do so to be financially independent or to reduce their dependence on their children who may have their own families, with some children unable to provide a sufficient monthly allowance for their parents due to their financial commitments. Others downsize to have more manageable homes and have extra funds for holidays and to retire comfortably. I doubt any senior who downsizes feels they are giving up their dreams of bequeathing their homes to their children. The younger generation should not have an entitlement mentality, expecting their parents to leave something for them when they die. While lower-income seniors should be rendered assistance, it is unreasonable to expect taxpayers to indirectly shoulder the financial responsibility to enable them to bequeath their homes to their children. If the children want their parents’ home bequeathed to them, they should then provide sufficient financial support to allow their parents to retire comfortably without downsizing their homes. Let the seniors decide how they can be financially independent when they retire. Seniors should not be made to feel guilty for not leaving their homes to their children.