Over the past year I have received calls and messages from adult children who are concerned for their parent’s finances. Papa has been working hard for decades and Mama was promised that she would never have to work outside of the home again.
Papa has been stripped of any financial responsibilities because he wrote some bad checks years ago. Mama took over the household finances since then but has a problem with overconsumption.
As a result they have more debt than they have money saved. They have no idea what retirement is going to look like when Papa turns 65.
How do you talk to your parents about their money problems?
When visiting with aging parents this holiday season, look for signals or cues for the inroads to talk with your parents about their money problems. It’s not comfortable, it certainly won’t be fun, but you want what is best for your parents.
Your best bet is to follow the do’s and don’ts of how to talk to parents about their money problems.
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