Money becomes one of the major concerns when a family starts the process of ensuring best possible care for our senior loved ones. It is the time when we should start talking about it with our aging parents as well as all the members of the family.
However, we have often seen that starting this so important money talk becomes somewhat uncomfortable to begin. If you are also encountering problems about this issue and have been pondering about how you should start discussing this issue then do not think that you are alone in this. We have brought to you some guiding ideas in this matter.
Recognize the Importance
Firstly before even starting the conversation you have to realize the importance of the issue yourself. You have to acknowledge that saving for retirement and planning out all the financial issues beforehand is very much necessary. Besides, you have to know that keeping all the financial data like tax information, bank account and insurances information along with keeping all the financial reports in place is necessary. You should also know that creating a well-developed will is also becomes essential at this stage.
Start with General Topics
When attempting to start discussing the financial topics with your aging parents, start with general but related topics like what’s their plan for their retirement or something like that instead of jumping on the topic right away. That way you will get simple cues to take the matter to more serious issues gradually.
Tell Them Your Own Plans
You can start by telling your own financial initiatives and retirement plans to them to set the introduction. Let them know how important it is to have a financial plan ready for your retirement and the declining years.
Once you get to know all the details about their plans and overall financial conditions start placing options to them. Look for possible lacks in the plan or possible improvements. Like if they have not created a centralized storage of all the financial data then suggest or offer to do that for them. Or if they have not made a will then offer to arrange a family lawyer to sketch that out for them. But you should never impose any decision upon them, make sure to be as a trusted adviser.
Involve All the Members in the Discourse
Many families struggle to amass all the money that we often need to ensure proper care for our loved ones. Then the discussion becomes even more uncomfortable at times. Then you will not only have to know the financial condition of your parents but also all the siblings responsible for ensuring the best care possible. So, at this stage, you just have to involve all the members in the discourse and discuss a way out of it.
Have a Financial Adviser
After trying all you can, if you fail to reach your goals or fail to make your parents realize all the issues then you may consider having a financial advisor to discuss it with them for you. Besides, an adviser will be able to better guide you all in terms of taxes, insurances, will and other such issues.
For any help and support regarding senior care, health, senior living and well-being do not hesitate to contact Comfort Keepers.