Alexandoy
VIP Contributor
My high school classmate said that his retirement plan is his children. When he retires his children will provide his needs. That was during the time that we were both 40 years old. I thought all the while that it was in jest. But when I reached retirement age I was surprised that my classmate had obliged his 3 children to pitch in for my classmate's personal budget. The monthly pension here is minimal so his children are giving him an allowance to augment his budget. However, there came a time that the spouse of his children complained about the allowance. My classmate was heartbroken when his allowance was stopped. That is proof that your children cannot be your retirement plan because they also have their own life to live. That is unfortunate for my classmate but a neat lesson to those who are nearing retirement. Save money for your old age and have a happy life in retirement.