Too often, adult children have no idea of the state their parents financial affairs are in and parents aren’t usually prone to disclosing this type of information without some discussion. We’ve covered the difficulties of talking to elderly parents about money before, but it bears mentioning again. Talking openly with your parents before they are in a serious economic situation is important. Far too often the children have no idea there is a problem until they come for a visit and realize there is no food in the fridge and bills are piling up.
To make it easier to discuss this tough topic, you can use current news to break the ice or mention an example of someone you know who can’t afford their prescriptions. However you decide to get the conversation started, start it early. It is the best way to stem off the preventable problems.
AARP magazine ran a really good article about this. If you’d like to read more, just click the link below.