How to talk to your senior parents about money

Financial stability is one of the most important aspects of successful senior living. Monetary security can ensure that a senior is able to live comfortably while having peace of mind regarding living and lifestyle expenses. While many people may recognize the importance of having a sound financial plan, it’s often easier said than done. Adult children can sometimes face growing concerns about their parents’ financial well-being, but broaching the subject of money matters can be difficult. However, it’s often something that must be done, you just need to know how to approach the subject.

Include it in everyday discussion
There are plenty of opportunities to seamlessly transition into talk about your parents’ financial situation. Even a quick glimpse at the nightly news or skim through the newspaper can provide you with the opportunity to begin a talk about money matters. It can seem fairly innocent, but if you can transition the discussion into things like things like retirement, living costs and investments, you may be able to get a better sense of how your parents are doing.

“It would open the door for more conversations to have with your parents and hopefully to be able to share with them some specific information that would relate to them with their needs,” industry insider Judy Ravenna told AgingCare.com.

Be subtle about warnings
There’s no denying that older adults are often targets of financial scams. Con artists single out seniors because they often have more disposable income and tend to be more trusting. It’s certainly important to warn your parents about such pitfalls, but being too direct may come off as patronizing, CNN Money reported. Instead, mentioning that you heard about a certain scam in an objective manner may serve as a better course of action.

Point to real life examples
Older adult are often understandably reluctant to accept help from their children, especially when it comes to matters concerning money. Rather than insinuating that your parents will need assistance, later on, you can bring up an a real life example of someone who has encounters financial problems during retirement. Talking it over this way can give you some insight into your loved one’s approach toward money maters.