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Retirement...when do you see it happening???

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Retirement...when do you see it happening???

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Old Nov 27th 2013 | 9:35 pm
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Default Re: Retirement...when do you see it happening???

I didn't move out til my mid 20's, but I did pay rent and did work, I just lived in an area in California with very high rents, and even though I worked more then full-time (45-60 hours a week) I only made 6.10/hr to.7.25/hr (it was a union job too) at the time which didn't quite cut it for rent in a place charging market rent.

I did attempt college, but I lacked the time, I was always at work, it I cut down on work hours then I lacked the money to go, could not get any financial aid as parents made too much, but parents were not going to help with college, so the government is all messed up when they based aid on what a persons parents make.
 
Old Nov 28th 2013 | 12:40 am
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Default Re: Retirement...when do you see it happening???

Originally Posted by not2old
- did you voluntarily or was you made or forced to contribute to room & board at home?

- was there ever any issues about paying your way?

- what age did you leave the family home for good?

- where your parents supportive of your education, training & work that you did?

- did your parents ever support you in part or whole financially at anytime in your life up to the age of 16 or after?

- where your parents as hard nosed about child rearing as you appear you'd be with your future children?

- how do you think your parents taught you to be financially responsible?
I was earning my own money from age 11 - my parents could not afford to give me pocket money so the £13 a week I earned with my paper round I could afford to play 5 a side on a Saturday morning, a bag of chips for lunch and Rugby on a Sunday morning. At this time my Dad was working 12 hour days and my Mum 12 hour nights so I very quickly learned how to cook, clean, wash and Iron. Once I got to the age of 16 my Dad sat down with me and explained what it costs to run the house and I was now of an age to start contributing towards this. It was fair and reasonable when you consider what it cost vs what I was paying. So no not forced and why would there be an issue? You live here, we feed you, you use the hot water, electricity etc so its fair that I should contribute was my parents way.

Left home for good age 22 having had a gap year - I worked a full time and a part time job for 9 months then travelled for 2 did nothing for 1. Then I went to Uni and lived at home whilst studying. I worked 6 nights a week and all day one weekend day in a pub. Paid all my costs, car and board.

Supportive? Of course Did they bank roll me? No

Hard nosed??? - Not at all, my parents were loving, supportive firm and fair. They explained things to me very well and I was made to understand our financial situation and that life is what you want of it and what you make of it.. I learned from an early age that doing things for yourself is much more rewarding.

With regard to me appearing to be hard nosed.....passing you a large pinch of salt
 
Old Nov 28th 2013 | 1:01 am
  #228  
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Default Re: Retirement...when do you see it happening???

Originally Posted by Alex2201
I was earning my own money from age 11 - my parents could not afford to give me pocket money so the £13 a week I earned with my paper round I could afford to play 5 a side on a Saturday morning, a bag of chips for lunch and Rugby on a Sunday morning. At this time my Dad was working 12 hour days and my Mum 12 hour nights so I very quickly learned how to cook, clean, wash and Iron. Once I got to the age of 16 my Dad sat down with me and explained what it costs to run the house and I was now of an age to start contributing towards this. It was fair and reasonable when you consider what it cost vs what I was paying. So no not forced and why would there be an issue? You live here, we feed you, you use the hot water, electricity etc so its fair that I should contribute was my parents way.

Left home for good age 22 having had a gap year - I worked a full time and a part time job for 9 months then travelled for 2 did nothing for 1. Then I went to Uni and lived at home whilst studying. I worked 6 nights a week and all day one weekend day in a pub. Paid all my costs, car and board.

Supportive? Of course Did they bank roll me? No

Hard nosed??? - Not at all, my parents were loving, supportive firm and fair. They explained things to me very well and I was made to understand our financial situation and that life is what you want of it and what you make of it.. I learned from an early age that doing things for yourself is much more rewarding.

With regard to me appearing to be hard nosed.....passing you a large pinch of salt
I don't think that kids should have to pay toward the household budget unless it's absolutely necessary. Sometimes it is, and if so there is nothing wrong with it (as you say it builds some sense of responsibility) but if it's not necessary financially, I don't think it's something which parents should impose on their children.
 
Old Nov 28th 2013 | 1:33 am
  #229  
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Default Re: Retirement...when do you see it happening???

Originally Posted by Siouxie
Provided they attend University, yes they are required to 'provide' for them, but not necessarily otherwise. Agree that it normally end by 22.
Well, up to the age of 18, there is no "otherwise" unless the child is married or financially independent, at least on a federal level. Each Province and Territory has its own legislation but, for the most part, they follow the federal law.

Between 18 and 22, it very much depends upon the child's circumstances and it is possible to lose "child of the marriage" status (e.g. if the child leaves school and starts work) and then regain it (e.g. the child stops working and starts full time education).

It is possible to remain a child of the marriage after the age of 22 too, but that is very rare.
 
Old Nov 28th 2013 | 1:33 am
  #230  
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Default Re: Retirement...when do you see it happening???

To add to the age 22 caveat for kids leaving home or child support stopping, another way to cut ties with them normally written into court orders, is if they go and get married

Edit: AC you beat me to it :-) And yes you are right about over 22, I came across a couple of cases in research where the child (medical student) carried on with studies, and both parents were required to contribute 1/3 of fees

Last edited by ultrarunner; Nov 28th 2013 at 1:36 am.
 
Old Nov 28th 2013 | 1:38 am
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Default Re: Retirement...when do you see it happening???

Originally Posted by ultrarunner
To add to the age 22 caveat for kids leaving home or child support stopping, another way to cut ties with them normally written into court orders, is if they go and get married

Edit: AC you beat me to it :-) And yes you are right about over 22, I came across a couple of cases in research where the child (medical student) carried on with studies, and both parents were required to contribute 1/3 of fees
That doesn't need to be written into a Court Order as it is the law. Court Orders usually state something to the effect of, "Child support shall be paid so long as the child remains a child of the marriage as defined by the Divorce Act."
 
Old Nov 28th 2013 | 2:00 am
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Default Re: Retirement...when do you see it happening???

Originally Posted by Almost Canadian
That doesn't need to be written into a Court Order as it is the law. Court Orders usually state something to the effect of, "Child support shall be paid so long as the child remains a child of the marriage as defined by the Divorce Act."
Separation agreements that get turned into a court order by mutual consent...the idea is to make sure all the basis are covered i.e. try make it iron clad
 

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