Always remember that when it comes to taking good care of old parents, it will involve a significant amount of money. According to Brad Klontz Psy.D., CFP, “Problems with money are incredibly common, and are often responses to stressful life events.” This is the primary reason why adult children are highly encouraged to start saving while they are still young. They must have the right amount of money, not only to answer for their own needs in the future but also to care for an aging mother or father. Whether you like it or not, financial matters are some of the things that you can never avoid.
Below are some of the tips and tricks on how you can discuss with your parents about financial issues:
- Do Not Try Too Hard
You probably know by now that seniors are quite sensitive to the words they hear. For this reason, it is essential that you make an effort to not making a big deal out of it. If you want to start a conversation about money talks, then the best thing to do is to bring the topic lightly.
For example, if your elderly parent is watching the news, then try to bring up a topic in such a way that it becomes a great conversation-starter. “It’s important to understand that feelings of affection aren’t necessary to be a good caregiver,” says Alexis Abramson, Ph.D.
- Be Honest With Them
Most of the seniors in the United States have retirement plans or pension benefits. Because of this, they usually receive a considerable amount of money on a monthly basis, even if they are no longer working for a particular company. If your parent is already too old, there is a high tendency that he would not be able to remember about these monthly benefits.
Therefore, you must inform him or her of such amount. Do not deny your parents an opportunity to find out that she or he is making some contribution to the expenses involving parental care.
“Prioritize reassurance, validation, and emotional connection over rational explanations,” says Leslie Kernisan, MD MPH.
- Discuss All issues Personally
As much as possible, never talk about sensitive and complicated issues through the use of a laptop, telephone or mobile gadget. Instead, try to pay a visit to your parent’s place if you have something important to discuss. On the other hand, if your senior parent lives under the house, then find the right timing to start a serious conversation involving money.
Take note that discussing these matters face to face will be so much better than doing the talks through the use of technology. The use of this method lessens the possibility of misunderstandings among parents and adult children.
- Ask About Their Future Plans
When it comes to senior care, having financial plans ordinarily equal money. This is why it is necessary that you inquire about what your elderly mom and dad would like to happen in the next five or ten years.
Knowing all these plans will help you a lot in making better decisions at present. It will guide you to make the right choices today because one wrong move can have adverse effects on the plans of your senior parent. As a result, you would become more careful in taking another step especially when it comes to investing money or increasing capital.
Money talks with old parents are tough. There are so many things you should take into consideration. It may be challenging at first, but you will get used to it.