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  • Category: Miscellaneous

    Senior should not part away with his money

    Money is a very important matter in our lives though it is not everything. Many people are working 24/7 to earn money to get facilities and amenities for them and their family members. In this process some money is accumulated with them in form of savings which are useful in a rainy day or after retiring from a job. The accumulated money which is termed as the savings of a person is the only capital he has for his use. Generally this would be invested in banks or other places to earn interest on it and capital would remain intact. Sometimes it so happens that some family members want money for their higher education or other reasons and seek this money from the elder in the house. The senior is in a fix as what to do as giving the money would lead to stoppage of monthly income to him. So, generally he wold refuse to part away with his capital and sometimes family members might be unhappy with the senior due to this. What is your opinion as what the senior should do in such a situation? Please share your views on this.
  • #697387
    The author has raised a very pertinent issue with which the seniors might be affected if the issue is not sorted out amicably. Whatever, they might have got by way of their provident fund, gratuity cannot be considered as a huge amount considering the maintenance of the couples ( husbands and wives) living alone without the support of their own children. They need to meet their daily expenses in terms of food, ration and other essential medicines to support their lives. To that extent, they can manage with their accumulated funds but once are affected with some serious disease such as Kidney disorder, heart ailments or any threatening disease like cancer, even the medical insurance would not provide full amount required for the treatment. Then the accumulated money is the only answer to tackle the issues.
    There are the relatives who would not hear your problems. The only solution lies not to part your money as per their desire. You need to be practical while taking decisions. Even the rate of interest you enjoyed in several months back has been slashed further affecting your earnings by way of interest.

  • #697389
    Good thought by the author. But the other side is left over. A relative of mine by believing his son and daughter shared all his money derived from his service and accumulations without providing for them. But alas, they after that deviate him (as his wife died earlier) in the house itself and this person at his age though healthy, living in a separated level by depending on his own pension.
    In many houses parents are left carelessly after getting all their shares by their own sons.
    In another house a couple has no children a brother of this man asked some help for his daughter's marriage. As this person also do not possess any liquid cash could not offer his help. The brother and brother's wife scolded them as anything, did not invite them for the marriage and they told others as,'it is childless property why donot they pledge their house and helped us" without realizing their hurt through this words.

  • #697390
    It is a little tricky. What is the money you have with you? Is the interest you are getting on that is sufficient for your monthly expenses or some excess is there? The interest I am getting is just sufficient for you for your expenses. In such cases, you can't lend any money from the original to anybody. If you are receiving excess interest and after spending also you have some savings every month, you can think of helping the other person. You need not give him free. You should give as a loan and he should pay the bank interest. That will be helpful to him as well as you also. But again the decision is to be taken based on the relationship you have with the other person and whether he will help you in case of any problem in future to you. But we should see that we will become helpless by giving that money to him. This is to be kept in mind always.
    always confident

  • #697394
    "So, generally he wold refuse to part away with his capital and sometimes family members might be unhappy with the senior due to this.". I see the opposite. Many senior citizen part with their valuable savings corpus for the use of their children for purpose of their marriage, buying hosue for them, buying vehiles for them etc. The elders trust that after all it is for their own children ndthey only will be supporting them in their old days.

    However this 'trust' has proved wrong. IWe get to read and hear many incidents to prove that. The number of cases coming before the women's commissionand in civil courts and open adalats have a large portion cases where very elderly men and woman plead for askingtheir children to take care of them andnot to evict them from their own homes. In most of the cases the parents would have given altheir wealth and assets to the children already.

    So now awareness being given to the senior citizen by the coommunity organisations, social workers and other well intented people that elders should not part with their full wealth and savings to their childrren. They should keep a sufficient cushion for their sustenance and medical needs and emergencies. They should also make a will also. They can be kind and afectionate, but not to transfer the hous to their children. They can make a will and convey how they want their wealth and savings to be distributed.

    That is why Goveernment of India enacted the Maintenance and Welfare of Parents and Senior Citizens Act, 2007. Many cases are coming under this now. This has given some relief to innocent and poor parents who are negelected by their healthy, welthy and capable children.

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