Most of people work their whole life to save money for their retirement, so that they can spend it as they always wish. Some would say that they better save it for their children or grandchildren. Personally, it would be more beneficial if the retirees choose to save their money for the younger ones in their family.
The first reason for this is that when the seniors get to retire, probably their children just start working or having their family. They may have a great chance to fail at their finance at times. As a responsible parent, the seniors should have the funds to supports their children in business or their grandchildren’s education. Moreover, the retirees need to prepare for the unexpected situations which would cost them a great amount of money. An obvious example these days is the Covid-19 pandemic. The majority of people fell to their knees in their financial status. Many breadwinners lost their jobs and rely on their savings until it ran out. It would be great help if the seniors in their family can support their family during the time like this.
Not only saving money for their children, but also for their own selves. It cannot be denied that after passing the certain age, the symptoms and sickness would occur. The seniors should have a great preparation for their medical needs or even the budget for nursing home in case that they don’t have children. Therefore, they should not spend their money on travelling that much.
However, the senior people hold the full right to own their happiness after their life-long working. They can spend their savings on the trip they wish or complete the bucket list they have. It depends on how they can allocate the money into different accounts for different purposes.
In conclusion, a thoughtful allocation of money is the best answer. Even though the seniors can spend the money they worked for, it is better to save it for their loved ones.