P: In the past, parents left all their wealth to their children when they retired, and since their children took good care of them for the rest of their lives, they did not have to worry about their future. However, times have changed. The middle-aged population now find that although they have honored and taken good care of their aged parents, their own children are unlikely to do the same for them. Therefore, parents, today should not give all their assets to their children when they retire.
When parents leave all their wealth to their offspring, they may be exposed to the danger of becoming broke and homeless if their offspring should go bankrupt. This isn’t such a big problem when you are young because you can work hard to regain your wealth. In Korea, there is even a saying that goes, “Hardship during youth is worth paying money for.” Because they have energy and potential, young people don’t look pathetic when they are without money and live in a tent. However, nothing is more pitiful than seeing an old person broke and homeless. Therefore, even when any of your children become bankrupt, you should not lend him or her money by mortgaging your house. If you do, you may end up losing your house.
You can age gracefully when you have your own assets. If you don’t have anything to live on, your later years will become miserable. So, you should keep your assets. If you give them away to your children, your relationship with your children may easily be ruined.
This is not to say that you should hoard all your assets. You can give some to your children if you want, but you should keep your house and enough money to live comfortably. This way, you will still have some assets to leave to your children when you pass away, and they will arrange a good funeral for you.
If you plan to distribute your assets among your children after retirement, it’s a good idea to give away just seventy to eighty percent of your assets. You must keep twenty to thirty percent for your own. You can decide on the percentage depending on the size of your assets. If you don’t have a lot of assets, the percentage you keep should be higher than if you have a lot. Either way, when parents maintain their financial freedom even after retirement, they will be able to live with dignity and are more likely to sustain a good relationship with their children.
Of course, there is the option of practicing according to the teachings of the Buddha and letting go of all your worldly possessions. People may think that an enlightened person does not need to have a cent to his name and just needs a space in the common room of a temple to sleep. Most people, however, can’t live this way, which is why they need to hold on to enough assets to live on. Those living in the countryside need a place to live, a piece of land to grow various vegetables, and rice fields, while those living in the city need to have a principal amount in the bank that will yield enough monthly interest for them to live comfortably.
It’s not easy for people to earn money in their old age. Since they don’t have a source of income, they may expect their children to give them some spending money and end up resenting them if they don’t. To avoid such an outcome, it’s necessary for people to keep some financial assets to live on in their old age. This way, parents can live independently from their children without expecting too much from their children or be overly attached to them.
