Talk to Your Aging Parents about Money
Don’t wait to discuss financial planning with your parents. The time is now.
“This is a touchy topic for everyone involved. But if adult children think discussing finances is hard, just wait until their parents become sick from a debilitating disease like dementia or Alzheimer’s and their whole life savings are sucked dry – that’s hard to take, and it happens all too often,” warns Gary Herman, president of Consolidated Credit.
Managing your money during your golden years can be a challenge. Many children and parents alike believe that they can rely on Social Security income after retirement, but the reality is often disappointing. It can be difficult to pay bills on these monthly checks, much less enjoy a comfortable standard of living. Your parents may also have complicated financial affairs that will take a while to sort out, so it’s best to start early.
How can you beat the odds and preserve your parents’ financial stability, rescue their life savings, and protect your inheritance? Use these tips to start building a checklist as a family.
Think your parents need some professional assistance to handle their debt? Let us help.