While parents send blessings to their children in their later years, they cannot ignore their own life after old age. (Illustration, Bloomberg)
[Financial Channel/Comprehensive Report] A 62-year-old man in Japan holds a pension of 10 million yen (approximately NT$2.03 million). He originally thought it would be enough to spend his old age stably. Unexpectedly, the couple spent 3 million yen (approximately NT$610,000) to get married for their only daughter. A few months later, repair bills broke out at home, and the pension was exhausted in an instant! I originally wanted to send my best wishes to my daughter, but in the end it turned out to be my own crisis in old age. Nowadays, one person has to find a part-time job to increase his income, while another person has decided to extend his working age to 70 years old.
Japanese media reported that a 62-year-old man Haohui (pseudonym) and his 60-year-old wife Satoko (pseudonym) have been married for many years. They currently live in a medieval single-family house purchased 25 years ago. Although Haohui has retired at the age of 60, he is still working as a contract employee with a monthly income of about 200,000 yen (approximately NT$40,000). He is expected to start receiving annuity at the age of 65. However, the couple's current living expenses are not sufficient, and they even run into deficit in some months. Therefore, they have been trying to control their expenses and hope not to use the 10 million yen pension they received when they retired.
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However, not long after retirement, the car that the couple had used for many years suddenly broke down. Due to the age of the car, the two decided to replace it directly, spending about 2 million yen (approximately NT$410,000). Haohui believes that he will start receiving annuity after the age of 65, and the mortgage is expected to be paid off at the age of 70, so he believes that this expenditure can be afforded. After payment, the pension will be left with 8 million yen (approximately NT$1.63 million).
At this time, news came that the only daughter Yuxiang (35 years old, pseudonym) was getting married. The two were very happy to learn that their daughter was about to enter a new stage of life, and decided to first spend 1 million yen (approximately NT$200,000) as a wedding gift. However, as preparations for her daughter's wedding progressed, Satoko suddenly proposed to use another 2 million yen to help pay for the wedding expenses.
Haohui believed that the couple still had eight years to live on their mortgage, and they might face expenses such as home repairs in the future, so they opposed the proposal. However, Satoko believed that her daughter's marriage was "something to be happy about," and finally persuaded her husband to spend another 2 million yen. Although Haohui said at the time, "I don't care if my wife loses her money," but after seeing his daughter happily completing her wedding, he still believed that "it was worthwhile to be able to help her."
Unexpectedly, a few months later, a water leak suddenly occurred in the couple's home. After the inspection, it was found that not only the leakage needed to be repaired, but the roof and exterior walls also had aging problems. The total repair cost was estimated to be as high as 4 million yen (approximately NT$810,000). If this fee is paid, the couple's pension will be only 1 million yen, and they will face the dilemma of running out of pension.
Facing the sudden large expenditure, Haohui couldn't help but said to his wife, "Didn't I tell you earlier? There was no extra 2 million to spend at that time, and the mortgage had not been paid yet!" Satoko responded that no one knew at the time that the house would suddenly need such a large amount of repair money, and the two broke into a heated argument.
In order to slowly restore the funds on hand, the two decided to try to turn their monthly income and expenditure into a positive number and increase their savings. The two re-examined their family finances, and Satoko started working part-time. After adjusting his expenses, he was able to save about 50,000 yen (approximately NT$10,000) per month. Haohui also decided to postpone retirement, continue to work as long as his health permits, and aim to pay off his mortgage at the age of 70.
For many parents, life events such as their children getting married, buying a house, or having a baby involve wanting to help as much as possible. This case also reminds parents that while sending blessings to their children, they must not neglect their own life in old age. Even if there seems to be a pension on hand, unpredictable expenses such as house repairs, medical care, and care must be taken into consideration. Otherwise, the assistance originally motivated by love may eventually become a heavy burden in one's later life.
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