The average person in the US now lives 78.8 years, with many living much longer.1 Your parents may seem much more youthful than your grandparents, but there may come a point when they’ll need help managing finances. The issues involved, though, can be tricky. You may not want to think about your parents losing their independence, or worse. They probably don’t enjoy these thoughts, either. For a number of reasons though, you should initiate dialog about money sooner rather than later.
Some tips about how to bring up the conversation, and knowledge about what information to cover, may be helpful:
Talking with your parents now will not only save you time, effort, and money, but most importantly, will let you tackle potential problems ahead of time. When everything’s in place, you can feel good that you took on the issues in time to make a big difference to your parents’ wellbeing as well as your own.
1 Larry Copeland, “Life Expectancy in the US hits a Record High,” Oct.19, 2014.
2 Tara Siegel Bernard, “Aging Parents and Children Should Talk About Finances,” New York Times, May 24, 2013.
3 Jeff D. Opdyke, “How to Talk to Your Parents About Money,” The Wall Street Journal, Aug. 2, 2011.
This material is intended for general public use. By providing this material, Guardian is not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact a financial professional for guidance and information specific to your individual situation.