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This has been with me for awhile now. In some cultures it was important to have numerous children in the hope of having someone to provide for you in your old age. 'Twas true here before social safety nets. It seems now in our society that children are the drag on retirement planning and saving. Some are still bearing the cost of their children beyond their 60's. It often comes up in this forum. Will we begin to see a transition to folks especially men accepting that no wife and or no children means no divorce, child support, college funding,activity costs etc? Will the need to fund retirement change how we see the family in our individual lives?
Kind of a P&OC type of question there, but I can see it somewhat fitting in this forum too.
Short answer is yes, and I think it already has done so. Not only for men, but for economically independent women too.
I think that the marriage stats and the massive skewing of childbirths both out of wedlock and to the lower economic classes clearly supports that this thinking has already taken root.
I'm not stating this as a direct cause and effect, but certainly a significant contributing factor in marriage and birth decisions today.
Kind of a P&OC type of question there, but I can see it somewhat fitting in this forum too.
Short answer is yes, and I think it already has done so. Not only for men, but for economically independent women too.
I think that the marriage stats and the massive skewing of childbirths both out of wedlock and to the lower economic classes clearly supports that this thinking has already taken root.
I'm not stating this as a direct cause and effect, but certainly a significant contributing factor in marriage and birth decisions today.
I was directly thinking about the funding of retirement especially as younger generations contemplate the results of a currently broken SS and Medicare system. So many have lost the sense of inter generational responsibility for elderly family members and with SS and Medicare financially challenged what moving forward will be the mind set regarding raising children while saving and planning for retirement. Divorce has killed many a retirement plan.
Are you asking the question from a purely economic standpoint or does lifestyle enter in?
I am mid-60's and about to retire. My three children are all college educated and weddings are paid for and my retirement accounts are adequate tho not overflowing. Where would I be financially without having raised my kiddos? OH MY! Yes they are Very Expensive!!
But, in other cultures & in other times (rural areas) when your family was raised Gramma & Grampa stayed in the family home and took a side role as their sons & daughters ran the farm/family business. They were in the midst of family until death no matter what happened. Would that be what we would choose for ourselves now??
But in this day & age, do we really want to have that security without other options?
I have worked with children my entire career, and love my Grands to death, but when I move, I will be an hour away. Close enough and far enough.... I dream of a retirement of travel, and I am already taking classes at a local university. I continue to take music lessons and enjoy so many adult activities. The delights of choice that wasn't available a few generations ago.
But on the other hand, where would the true love and richness of life come from if I couldn't join with family around the recent Thanksgiving table? Despite the huge economic outlay to raise them, THEY are the reason that my adventures traveling and experiencing new things feel so meaningful. They were worth the sacrifice and such fun to come home to.
I am grateful that my only option is not to be the Waltons gramma, tho she seemed very happy just doing mending & making pies. I can do that too... after I return from China!
It seems as though the current thinking is more towards an expectation of folks self funding their long term income vs having a safety net via their families for additional support. With this kids are a "drag" in two ways, lessening the ability to directly fund when younger (and lessening the long term benefit of compounding) and being a potential financial liability as they sometimes need help as adults.
Likewise with divorce, as the higher earner ends up subsidizing the lower or non-wage earner. But this is something that was kicked up when divorce became more common in society.
Regarding the national social programs, the failure of politicians to accurately and objectively discuss and propose the needed changes to provide long term benefits is significantly contributing to the younger folks concern/despair about the viability of these programs when it would be their turn.
It seems as though the current thinking is more towards an expectation of folks self funding their long term income vs having a safety net via their families for additional support. With this kids are a "drag" in two ways, lessening the ability to directly fund when younger (and lessening the long term benefit of compounding) and being a potential financial liability as they sometimes need help as adults.
Likewise with divorce, as the higher earner ends up subsidizing the lower or non-wage earner. But this is something that was kicked up when divorce became more common in society.
Regarding the national social programs, the failure of politicians to accurately and objectively discuss and propose the needed changes to provide long term benefits is significantly contributing to the younger folks concern/despair about the viability of these programs when it would be their turn.
Bada Bing! With that comes what could be seismic changes in how folks look at retirement and finding love. Lots of articles about young folks especially college educated woman being concerned about balance sheets when deciding relationships. Comments a bout men with debt being a drag on their long term financial goals including retirement.
children are still common its really the numbers. huge sums are spent each years on women who want to give birth at older age. The average is two instead of five as just two generations ago. The biggest problem face many countries is boomers retiring over the next 13 years and the system to support them government wise.Medicare;SS and many other program including many pension are under funded.
This has been with me for awhile now. In some cultures it was important to have numerous children in the hope of having someone to provide for you in your old age. 'Twas true here before social safety nets. It seems now in our society that children are the drag on retirement planning and saving. Some are still bearing the cost of their children beyond their 60's. It often comes up in this forum. Will we begin to see a transition to folks especially men accepting that no wife and or no children means no divorce, child support, college funding,activity costs etc? Will the need to fund retirement change how we see the family in our individual lives?
Retired/older people and younger children have one word in common: Me.
I see it in my young grandchildren and on this forum. Life seems to begin and end with self preservation.
Retired/older people and younger children have one word in common: Me.
I see it in my young grandchildren and on this forum. Life seems to begin and end with self preservation.
I think Charles Darwin wrote about that. I say this in all seriousness as it has tremendous implications for how society will deal with the elderly if we have extended economic stress. Thus if children are not seen as part of the preservation process which is the historical norm, what happens and how folks prepare for that consequence.
It's not the millennials who worry me. It is Gen Xers, who are by far the most entitled, self-centered, self-serving (overall) generation I have experienced.
Gen Xers rarely make sacrifices for their own children (something their parents typically did for them!) . . . they are the most withholding group in society right now. So I figure - if they are going to be this way with their own children - you can bet they won't be interested in subsidizing or helping out much with their parents. Plus, their attitude seems to be - let someone else take care of it - and they especially like shifting things to the government. They don't have problems sucking up government resources themselves, either.
Millennials are the warm fuzzies of the universe. They are also magnanimous and have no problem sharing resources - they are not very material (except with their electronics - they have to have those).
So I think it depends on whether you will be expecting your Gen X children to help or your Millennial kids.
Your Millennial Kids will say - I don't have much space but you are welcome to move in if you can deal with it! Your Gen X kids will say - um, that's what Medicaid and nursing homes are for, plus - I don't really feel I owe you this - it is going to cramp my lifestyle and budget. They will be the Granny Dumpers, lol.
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