Talking Money with Adult Parents

Maria Di Mento of Kiplinger writes:  Whether you’re 5 or 50, you’re always a child in your parents’ eyes. So it isn’t surprising that nearly 50% of senior citizens told a recent survey that they’ve never had a serious discussion about their financial situation with their adult children.  Even more sobering, only about one-third of adult children were confident that their parents’ finances in retirement were in solid shape, according to the study, by Golden Gateway Financial and Crestwood Associates. And considering what’s been happening in the stock market and the economy over the past few months, the situation has probably gotten worse since the survey was conducted. Avoiding “the talk” could prove disastrous for both you and your parents, so it’s important to have a frank discussion before they experience illness or frailty.

How to broach the subject without coming across as a circling vulture? Be respectful, and be circumspect. Don’t demand financial information or tell your parents what to do. Instead, ask them how you can be of help. Cite a newspaper article or television episode on the subject, advises Neal Cutler, who directs the Center on Aging at the Motion Picture & Television Fund. Or, if a neighbor or family friend was financially unprepared for retirement, use that as the springboard to a conversation.   Continue Reading.

More Services