Have you had “the talk” yet?
No, this is not the one in which the parents talk to their kids about sex and hope that they actually still know more than their kids on the topic.
This “talk” also includes parents and children but the concerns are different and are related to retirement and aging: medical proxies, healthcare and estate planning, wills, trusts, and the fact that 70% of people over age 65 will require some form of long-term care.
Given the inevitability of our aging process and the concerns that people have about thriving and living safely in retirement, a recent American Association of Retired Persons (AARP) survey found that two-thirds of adult children have never talked about these matters with their parents.
A recent Fidelity study ” shows adult children and their parents struggle to communicate on key financial topics that include retirement planning, providing care for elderly parents and inheritance strategies. The study analyzed levels of disagreement and miscommunication between parents and their adult children on a range of sensitive topics, and found that adult children are not only anxious about their own finances, but also their parents’ future health, retirement security and estate plan. ”
As the child of retiring parents, it should be rewarding to watch your parents enter this new phase of their lives. It’s a time to celebrate their labors and efforts. It’s a time in which you can help your parents achieve what they’ve always dreamed of doing in much the same way they helped you to achieve your dreams. In order to achieve this, you will need to be an active participant in the discussion, planning and implementation phase of your parents’ retirement and their later years.
See the full article on Marketwatch at the link below and also see: Pour the eggnog and have ‘the talk’