I know that you hope, when you get older, that your children will be there to help you out. That they will take care of you like you took care of them. But I want to warn you now- do not count on it. You cannot count on other people to take care of you. Friends, relatives, even children will not help you out. If they do help you then great but do not set your mind, heart, and financial future to that.
Let me give you an example. An elderly friend of the family got divorced after many, many years. Now on her own for the first time, she thought she could count on her kids to help her out. She moved in with her oldest son. After a few months, things of hers started disappearing. Eventually, she confronted him and he revealed he had been selling her stuff to pay for her ‘expenses’. (more…)