Talking to Your Aging Parents About Their Finances

Presented by Mark Phillips

Each day between 2011 and 2030, 10,000 baby boomers will celebrate their 65th birthdays. As the boomers grow older, their middle-aged children may find themselves in a challenging situation: providing financial assistance to their parents as well as their own kids.

According to a poll by the Pew Research Center:

 

·         75 percent of adults believe that they have a responsibility to provide financial assistance to their aging parents.

·         63 percent of adults have given some type of financial support to their grown children in the past year.

Members of the Sandwich Generation—those who are taking care of aging parents while supporting their own children—often come under serious financial and emotional stress. As your parents move into retirement, it’s wise to plan ahead for any financial and legal responsibilities they may expect you to take on.

In the full version of this article we address some issues to consider including:

 

·         Starting the conversation

·         Looking into legal matters

·         Discussing their financial situation

·         Looking to the future

And remember, you don’t need to make these decisions alone. We’re here to support you and your parents with strategic planning for the next phase of their lives.