Talking to your Elderly Parent about their Financial Future
Have you had “the talk” about money with your parents? Do they have enough money saved for long term retirement? Do they have medical or disability insurance? What is their plan in case of a medical emergency? While often a sensitive topic, a conversation about your elderly parent’s finances is necessary in order to help them secure a financial future and improve their overall wellbeing.
According to a recent San Diego elder caresurvey, just about fifty percent of adult children living with a parent had never discussed financials with them, and thirty percentadmitted they had little or no knowledge about the financial situation of their parent. Talking about money with one’s parent is never an easy topic. However, asking the correct questions to make sure they are monetarily prepared in case of an emergency or as health declines, will have a dramatic effect on their future quality of life.
Here are several important financial questions to ask your elderly loved one about their future:
- Do you have a will?
- Have you selected who will have the power of attorney?
- Do you have long-term care insurance? If not, why?
- Do you plan on staying in your current home or do you want to downsize in the future?
- Do you want to live at home withhelp from San Diego in home assisted living? Or would you prefer to live in a retirement home or assisted living facility?
- Are you willing to meet with a financial planner?
It is recommended that adult children approach the conversation respectfully andask permission to speak with their elderly loved one about the topic before beginning. It may be difficult, but it is important to try and cover as many topics, as thoroughly as possible. Also, keep in mind the conversation is just as difficult for your loved one, if not more.
Conversations about your parent’s financial future are not supposed to instill feelings of fear or serve as an attempt to control them; it is simply about making sure they have a plan in place should there be a sudden emergency. Taking the time now to plan ahead and meet with financial planners,as well as other necessary parties, will help alleviate the added stress and emotional toll of a worst-case scenario in future.
At Home Care Assistance in San Diego, we believe each individual should strive for financial independenceto live their elder years with dignity and happiness. Our caregivers and staff are dedicated to providing exceptional care and services to promote longevity and quality of life for seniors. For more information about our customized care plans, visit our website atwww.sandiegohomecareassistance.com.