Will You be Your Parents Retirement Plan?
It may be time to have an open conversation with your parents about “both” your futures.
Talking to your parents about retirement can be incredibly challenging.
Most of us believe, or at least want to believe our parents have properly planned and saved to live happily and comfortably through retirement. This is often the case, at least to an extent.
While many years of a hard day’s work and consistent saving may have placed your parents in a strong position to retire, it is not uncommon for them to avoid proper guidance and professional advice. The following article “Are You Your Parents Retirement Plan?” was originally published on Forbes.com and perfectly illustrates some retirement concerns for our parents, including issues you may not have even thought of or considered.
One eye-opening section of the article reads:
“You deserve to know details about your parents’ financial futures, because it’s imperative to begin budgeting and saving early if you’ll be handling the costs of a parent’s medical care, or retirement community or you simply need space in your own home to ensure your parent (or parents) feels welcomed and comfortable.
This may be even more important for millennials whose parents raided their retirement funds to pay for college. There are loans to pay for college, but those same loans don’t exist for retirement.
This conversation is uncomfortable. Parents don’t want to talk about a time they’d be unable to feed themselves or handle their own bodily functions, and you don’t want to seem churlish or unloving by asking, “hey, am I going to have to take care of you in 20 years?” “
Of course the conversation can be difficult, we completely understand how family dynamics can cause stress and uncomfortable situations when it comes to finances. Still not knowing if your parents have proper long-term care, retirement savings, or control of debts can have a huge impact on you and your family down the road.
Speak with someone who can help.
Concerned about helping your parents and not sure where to start? Our team at Diener Money Management is focused on developing long-lasting relationships with our clients, and would be happy to consult with you or your family members on how to begin properly preparing for the future.
Contact our office today at 215-675-3030 to learn more about how we can help you.