So many of us struggle with what to get our older moms for Mother’s Day. Does she need another bouquet of flowers or pair of earrings? Probably not! One of the best gifts you can give this year is time to talk about your aging parent’s financial future.
Too often adult children shy away from a “money talk” with their parents because they don’t think it’s their place or they don’t want to deal with the emotional turmoil that can come from such a talk.
It is possible to have a conversation when you use the following approach:
1. Ask For Permission – Don’t assume your mom or elderly parents are ready to talk about their finances. By asking permission, you are respecting them and honoring their authority.
2. Share First – Start the conversation by discussing the decisions you are making to prepare for your own retirement and future. Being transparent with your personal finances can ease your parent’s concerns.
3. Don’t Be Too Nosy – Reassure your aging parent(s) that you don’t want to take over their day-to-day finances or their financial planning decisions. You just want to be “in the know” so they can be set up for success as they age.
4. Monitor the Mood – If someone is getting frustrated or tired, put the meeting on hold for another day.
5. Be Prepared – Bring a list of questions or concerns you’d like to discuss. Having them written down will keep everyone focused and on track.
6. K.I.S.S – Keep It Short & Sweet! Don’t expect to accomplish every item on your list or to have a complete understanding of your mom’s whole financial future after one meeting. Just opening the door to an initial conversation is the step in the right direction.
Beacon Associates team members are passionate about planning for retirement and establishing plans of action to protect nest eggs. We stay up-to-date on financial changes and are excited to share the knowledge we have regarding financial planning.
Call us today to make an appointment or fill out this form for your free consultation!
Information gathered from: Having the Money Talk