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If you want your parents\u2019 undivided attention during \u201cthe talk\u201d it\u2019s probably not a great idea to pull them aside at a family reunion, or during a mentally or physically involved activity. Instead, choose a time and place where everyone can feel present in the conversation.<\/p>\n
For example, you might try inviting them over to your home for dinner. If you live far from your parents, you can schedule a call with them in advance so you don\u2019t accidentally catch them while they\u2019re grocery shopping.<\/p>\n
Planning this time can help you feel confident you and your parents can feel heard and supported.<\/p>\n
Finding an easy segue into the topic of their finances might take some finessing, depending on how open your parents are about money. A few ways to bring up the topic include:<\/p>\n
Using a current event. For example, if Social Security funding or tax laws have changed recently, you can use current events as an \u201cin\u201d.<\/p>\n<\/li>\n
Ask for advice. You can say that you\u2019re unsure of how much to save for your own retirement or want to learn more about how to set up a will. With this context, your parents may open up about the steps they took and giving you more insight into where they stand financially.<\/p>\n<\/li>\n
Mention a friend\u2019s experience. Share a friend\u2019s story about the challenges they faced when something happened to their parents. This approach can give your parents context about why the conversation is important to you.\u00a0<\/p>\n<\/li>\n<\/ul>\n
Whichever approach you use to start the conversation, don\u2019t get stuck on the opening setup. Keep the end goal in mind by bringing the conversation back to your parents and their financial health.<\/p>\n
When partnering with your parents about their future, it\u2019s not just about the money, hard numbers, and paperwork. Ultimately, you want to be aligned with what their ideal outcome is.\u00a0<\/p>\n
This includes what they envision their retirement to look like \u2014 will they downgrade their home? Do they want to be able to travel? Similarly, when they\u2019re unable to care for themselves, do they expect you to be their caretaker or would they prefer to go into elder care?<\/p>\n
Frame the conversation in a way that makes it clear that you\u2019re not looking to parent them about their financial future; instead, you want to be a partner.<\/p>\n
Don\u2019t expect your parents to cough up every bank account, investment, documented wills, and other details in a single sitting. Starting the conversation \u2014period \u2014 is a way to keep it going so that everyone is comfortable when these topics will inevitably come up over time.<\/p>\n
If you even walk away learning that they do have a will in place or don\u2019t plan on moving into your home in their later years, that\u2019s good to know. As the first talk with your aging parents about money, plan on asking a couple of broad, open-ended questions to help guide the conversation instead of demanding all granular details.\u00a0<\/p>\n
Although much of the conversation may be about plans for the future, that doesn\u2019t mean that you can\u2019t help money management easier for your parents today. Take this opportunity to show your parents financial tools and resources for smaller money tasks. You can help them set up automatic payments for their bills<\/span><\/a>, for instance, or help them set up automatic fraud alerts.\u00a0<\/p>\n Talking to your elderly parents about their finances doesn\u2019t have to feel awkward. By thoughtfully approaching the conversation, you can reassure them that you want to be as supportive and respectful of their wishes throughout their golden years.<\/p>\n Ready to take your finances to the next level?\u00a0<\/em><\/strong><\/p>\n To get started, <\/em>schedule a free 20-minute consultation<\/em><\/span><\/a> call to speak to a member of our team. We will ask you a few basic questions to get to know you more, walk you through <\/em>our financial training program steps<\/em><\/span><\/a>, and answer any questions you may have. No pressure to join! Need advice quickly? Talk to one of our <\/em>Trainers on Demand<\/em><\/span><\/a>.<\/p>\n<\/div>\n