2021 July 11 / Anna
5 Tips for Talking to Your Aging Parents About Finances
For many individuals, talking about finances can be a bit of an uncomfortable subject. Money is thought to be personal in many cases, and talking about different financial situations may lead to some discomfort from the fear of judgement. However, its role in the best long-term care for your parents remains vital.
Here are some tips and different approaches you may use when talking to your parents about their financial resources.
Tip 1: Consider Where Your Parents Are Coming From
When beginning to talk to your parents about finances, try to understand where they are coming from. Depending on their generation and cultural influences, they may be more comfortable or less comfortable in discussing their finances with you. Choosing to be aware, especially if they have different viewpoints from you, is a solid start.
Tip 2: Look into Your Family's Parent-Child Dynamics
If you have siblings, decide whether one of them would be better at explaining finances to your parents than another. Sometimes, parents prefer talking to the eldest child about their finances, and other times, they may find that one child is better at financial management than another.
Tip 3: Start with a Broader Topic
You may find that it's easier to talk to your parents about their finances after knowing about their wishes and how much money they may need. Start by prompting them with questions such as "What kind of care would you want if you become ill?" or "What are your plans for retirement? Do you plan on downsizing?" to get the conversation going.
Tip 4: Look into Costs Associated with their Plans
Based on the conversation you or your siblings have with your parents, do a bit of research. If your parents would like to stay in their homes, look into home care costs together. If they'd like to assisted living or currently experience memory loss, look into those costs as well.
Tip 5: Discuss Financial Resources to Support their Plans / Wishes
With a better understanding of what your parents would like their life in retirement to look like, now's a good time to look into the different financial resources available. Some questions to help start the conversation may include:
- Do you have life or long-term insurance?
- Where do you keep important life documents?
- Do you receive a pension or have retirement/investment accounts?
- Do you have a financial advisor?
Ultimately, as uncomfortable as the subject may be, talking about finances is essential for long-term care. While some parents may have planned for their futures and finances more than others, you won't know until you start the conversation and look into the resources available to them.
Chateau Glengarry offers relaxed, safe, and comfortable retirement living and respite care in a beautiful rural setting in Eastern Ontario. For more information or to book a tour, call us at 613-524-4440 or fill out our contact form.