Having the Money Talk with Aging Parents
Having the money talk with your parents may not be the most enjoyable conversation, but as you navigate middle age and they enter their golden years, it becomes crucial to establish an open dialogue. Pew Research Center reports that providing financial support or assistance to aging parents is more common than one might think.
Before defaulting to the usual gifts, consider gifting your parents with a conversation on money and aging gracefully. Here are some tips on how to approach this delicate topic:
Step into Their Shoes, Then Switch Mindsets
Consider the emotional aspect of discussing finances with your parents. Empathize with their concerns and fears about their financial future. Approach the conversation with a sense of curiosity rather than just problem-solving.
Three Ways to Set the Table, and Three Icebreaker Ideas
Preparing to talk about money with your parents may feel awkward, but it’s important to start somewhere. Choose a calm time for the conversation and break it down into smaller discussions. Keep the focus on asking questions rather than providing solutions. Here are some icebreaker ideas:
- The “23andMe” Angle: Inquire about how your grandparents managed their finances as they aged.
- The “I’ll Go First” Angle: Share your own challenges with estate planning to open up the conversation.
- The CNBC Angle: Discuss recent market events to segue into financial topics.
Remember, initiating this conversation marks an important first step in supporting your parents through their financial journey. And if they ever decide to explore investment options like Betterment, we’re here to offer assistance.