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In the Philippines, I have observed that many Filipinos do not adequately prepare for retirement.
I think this is becoming more and more a global thing. I believe that yes, you are responsible for your parents and anyone who doesn't is not a great person. How can someone turn their backs on the people who raised them? I think my own parents have planned well but if they didn't I would do everything I could to look after them.
We're the same, we can't turn our back because of our love for them.