Talking About Finances with Your Senior Loved One

As a senior loved one starts to enter their golden years, it is normal to feel the urge to help them with everything, like managing their health or overseeing their move to an assisted living community.

There will also come the point in time where your senior parent or grandparent will need your assistance in handling their finances. However, it won’t be as easy for you to broach the subject as you did with the other things in their life.

Of course, you don’t want them to feel like you are taking away their independence or doubting their ability to manage their own money. So, how can you reach out to them without them feeling like you are intruding?

Here are some steps to guide you on opening up the subject and what to talk about regarding financial planning.

1. Talk to Other Family Members

Do you have other siblings or a very close aunt that your senior loved one trusts? Before talking to your parents or grandparents, make sure to make it a family affair and let your siblings know about it.

Talk among-st yourselves about who's the better sibling to bring up this topic. Also, consider your senior loved one’s viewpoint regarding money. Do they view it as a very private topic? Or are they nonchalant about it?

Choose someone that they trust the most or has a better experience in financial planning. Don’t bring the entire family to talk to them, or else they will feel like you’re all ganging up on them.

2. Be Open and Honest

The best way to approach the subject is to be open and honest. State your intentions right away. Tell them that you want to help out with their finances because you want them to be financially prepared for whatever happens in the future.

Let them know that they are still in charge and you are just here to help with the technical stuff and make sure that everything runs smoothly.

3. Ask About Their Future Plans

Have a light discussion about your senior loved one’s plans for the future, if they have any. If not, you can start by asking them about their care preferences or what they want to achieve as they age. Do they plan on aging in place, or are they learning towards an assisted living community?

4. Discuss Financial Plans

After nailing down their plans, it’s time to get into the details of how they can achieve it. Some points to discuss include:

• The amount and kind of income they have monthly (e.g., pension, investments).
• The bills they need to pay monthly.
• Their income tax.
• What financial institution they use. Do they have insurances and healthcare plans?
• Discuss other financial resources.

You should also look into the costs of the care they opted for and other plans that they want to pursue as they age.

5. Schedule Another "Talk"

It would be better to have a series of conversations about financial planning instead of getting it all done in a hurry. Take the time to explain everything to your senior loved one and give them time to process it.

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