As parents age in their retirement, it is just as important to make sure that you understand their basic financial situation and what they envision for their later years. The sooner you begin this conversation, the easier (and oftentimes more welcome) the conversation will be.
When all parties are on the “same page”, at an early stage, then questions of this nature that arise later in life are greeted as warm concerns instead of nosiness and the perception of loss of control. Parents will always be our parents and deserve respect. Part of the respect you are able to offer them in later years is the assurance that you will be there to support them in the handling of their finances, when balancing a checkbook is no longer as easy as it once was.
To learn how to begin the conversation regarding finances with your parents, click here.