Twilight Zone

The phase when children grow out of your home either because of their marriage or their careers can be a tightrope walk, by Preeti Kulkarni

- Preeti Kulkarni

There is a general belief that when children leave home, you may find extra resources to invest in yourself and towards your retirement. However, in times of nuclear families and longer years when children are dependent on parents, this is not how plans may pan out. There is something about Indian households where parents tend to overlook their own financial goals, especially retirement and focus relentlessly on their children’s future. There are plenty of instances when parents have withdrawn from their provident fund to get their children educated or married.

So, it does not come as a surprise when chances are high that as a parent you may be managing dual households—your own and that of your children studying in a different city, or who have just gotten married. It is a tough balancing act to pull off, but is achievable like everything else with some meticulous planning. Take the case of 57-year-old Mumbai resident TG Radhakrishnan – his 22-year-old daughter Roshni is pursuing her MBA in Bengaluru, while he lives with his wife PR Vijayalakshmi in Mumbai. Here is the case of a couple at the cusp of retirement managing dual households.

“Being the sole financial provider of the family, I have to work very hard to manage the household. Moreover, it is also important to ensure that my daughter completes her education” says Radhakrishnan, who is into the business of machinery maintenance. College fees apart, living expenses also have to be provided for. “I pay for the expenses as much as I can and for the balance, I have borrowed from friends and relatives. At present, I am working hard to repay these loans,” he adds. Next academic year, the family plans to apply for an education loan to balance their requirements.

Facing new challenges