Crucial Conversations to Have With Your Aging Parents (and How to Make It Easier on Everyone)
If you think talking about money with each other is hard, try talking to your parents.
Today we’re getting into one of the money sensitive situations when it comes to marriage and money – making sure your parents are in a good spot during their golden years.
Taking Care of ParentsFamily and finances can be stressful. But typically makes it so difficult is how easily our emotions get involved.
Talking with your parents about money. Is red at the top of the list. It can definitely be awkward, but it’s not something you want to put off.
If anything, this year especially has been a clear reminder that we need to be prepared.
Stuff happens.
While we can’t anticipate everything. Having these conversations and making sure our money’s in a good spot can make stressful things a little more bearable
Last year, Cameron Huddleson shared a story from her book Mom and Dad: We Need to Talk:
As uncomfortable as it seems to have these conversations, in a way, it”s the loving thing. You’re looking out for your parents.
Let’s be honest, there are a lot of moving parts. There’s the two of you and then your parents and theirs, siblings, so it can sometimes be tricky communicating with everyone.
On top of that, you have to deal with your own finances and schedules and those factors will affect what you’re able to contribute.
So to make things easier, we’re going to break things down into some key steps you can take and some conversation starters to get the ball rolling.
In this episode we’ll get into:
- Opening up the conversations with your parents to see where they’re at
- How to discuss together what you’re able to do for your parents
- Drafting a plan so your parents are in a better spot for retirement and beyond and your finances are in a good spot
Ready? Let’s get started!
Resources for Parents and RetirementHere are some fantastic resources to help you two get more comfortable talking about retirement and more with your parents.
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Automatic Saving: Qapital
- Jumpstart Your Marriage and Your Money
- Mom and Dad: We Need to Talk
- Rock Retirement – Roger has written an incredible book that breaks down how you can plan and save not just for retirement, but a life you love now!
- Free 401(k) Analysis: blooom <-Great started now with your planning your retirement!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
If you want to be better prepared financially, please consider Coastal’s Retirement Planning Program!
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Like the music in this episode? Our theme song is by Gentle Regime. Additional Music from Artists at Audiio.