Mom, Dad We Need To Talk About Your Finances.

Updated: May 23

Spring is here, and it looks very different than last year for almost all of us.

Recently I have been reflecting on all the change so many of us have gone through.

The dreaded money/future planning conversation every adult child has to have with ageing with their ageing parents.

If you are a young 40 something, then some defining conversations should occur with ageing parents while they are relatively young.

We tend to avoid these conversations about the inevitable road ahead. When your parents are in their 70's and not in great financial shape, they turn to you for help, and at that point, there is less time and opportunity for either yourself or your parents to deal with things effectively. It would be best if you had specific conversations sooner than later; trust me, you will be better off.

This is all about you and your parents coming together to work out a plan for the future. When you are ready to have that uncomfortable talk, here are the Four most important topics that will need to be covered.

  1. Will they be able to retire mortgage-free?