There was an interesting essay in the Wall Street Journal, Circle of Care, by Robbie Shell. The premise addressed was that we may be self defeating in our culture to have such resolve for being responsible for our own care later in life. Ms. Shell, in considering with friends what to do in retirement and later life, noticed that no one assigned any role to children. She decided to do some searching regarding that tendency for self-sufficiency. She gives as an example a Vietnamese couple who have made no arrangements for retirement or longterm care. The philosophy in Vietnam is: "The children are there to catch their parents when they fall. The children provide the assisted living." This has been a philosophy in many countries, for many years. Longterm assisted care costs are escalating: about $6000-$8000 a month currently, and higher. Ms. Shell suggests that older people consider reaching for more than their 401(k); and that "perhaps mindful of their own future, our children will reach back."
Interesting thoughts for people who resolve to be self reliant.
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