In an informal poll of seniors, when asked what topics they had trouble talking to their middle aged children about, the top three responses were money, death and sex. When the middle aged children were asked what topics they had trouble talking to their elderly parents about, the top three again were money, death and sex. Why is speaking about money so difficult? What specifically should middle aged children know about their parent’s finances? I can’t help you on the death and sex talk but this week I’d like to offer some information that might make the money talk more bearable.
What to talk about
Younger generations will often be either the beneficiaries of excess funds or they may need to offer financial support for their parents. Middle aged children may need to plan for either of these scenarios; so a discussion on the overall state of the finances should be the starting point. Tread carefully; elderly parents may have a lot of stress discussing Financial Planning strategies such as pension amounts, rising medical costs and shrinking nest eggs.
Remember
Elderly parents have much more life experience than younger children and their ability to make their own decisions must be respected. Choose a low-stress time (not Thanksgiving for example) and keep the discussion relaxed. Middle aged children should present themselves as a decision-making resource to their parents.
Take advantage of available resources
There are some great books on financial planning for seniors. “You Can’t Take it With You” by Sandra Foster is a favourite that I would strongly recommend. There are also a lot of insurance and investment strategies that can take away a lot of the uncertainty about income and expenses. And of course; use me as a resource; that is what I am here for.
Have a great weekend,
Tracey
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