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The Economic Times
The Economic Times
Business
Uma Shashikant

Retirement in India vs the US: How parents balance financial security, caregiving, and inheritance

While volunteering at an assisted living facility, I heard many stories about parenting, old-age income security, bequests and assets. In the United States, assisted living is the last choice—seniors hate making it. Culturally, they like their independence and privacy too much to live along with others, and to take help for their everyday chores. It is not unusual to see 80-year olds still mowing their lawns, driving their cars, and cooking meals while living in their home by themselves. They move into assisted living only when these tasks become burdensome, especially after an injury or fall.

Life expectancy is higher in developed economies, giving seniors enough time to plan their work, retirement and geriatric care. The lack of an official retirement age means many choose to work for as long as they can. As long as one is willing to work, and someone is willing to pay them, seniors can choose to be employed. It is not uncommon to see them as forest rangers that recount interesting stories, library assistants that organise weekly events, or as practicing doctors that guide young interns at their clinics. They like the income to flow as long as possible, while keeping the flexibility to travel, meet friends and live a quiet private life.

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