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How to Start a Conversation about Money with an Aging Parent

By Jeff Hill, 8:00 am on August 15, 2014

Discussing money can be an uncomfortable situation regardless of who you are talking about it with. However, there comes a point where you may need to step in and ensure that your aging parent’s finances are in order. The question is, how do you begin this conversation without prompting your aging parent to get defensive or upset? The Phoenix senior care professionals at Home Care Assistance have had plenty of experience in gently handling matters such as these and are happy to share some advice on how to approach your loved one about money.

Ask your Aging Parent for Advice

People generally love to be awarded the opportunity to share their wisdom. Seeking out advice from an older adult is a boost to their ego and their pride. Therefore, you may start the conversation by asking how your parent was able to save so much for retirement or how they managed to stay out of debt. By framing things in a positive and complimentary light, your parent may open up without having to be prodded.

Make it Part of an Estate Planning Discussion

Whether you are 25 or 85, it is never a bad time to gather the family and create an estate plan. By subtly grouping concerns about your aging loved one’s financial stability in with a discussion on estate planning, your parent may feel empowered to take control of his or finances as well as his or her financial legacy. It may also open their eyes to the fact that they need some added assistance in order to remain in their home as they age.

Let Your Parent Guide the Discussion

Instead of framing the discussion to display your concerns about their finances, let your parent talk about what his or her concerns are and how you may be able to help. From there, you can then bring up your own concerns and work on ways to come up with a financial plan that ensures security and financial freedom.

By empowering your parent and letting them guide and control the discussion, it may be much easier to get the answers that you need. However, if your aging loved one is not forthcoming about their financial stability, you may have to take a straightforward approach. Let them know that you’re concerned for their well-being and not trying to infringe upon their independence.

While discussing money matters with your aging parent, it might also be a good time to talk about the possibility of hiring a 24/7 or hourly in-home Phoenix caregiver for long-term senior care. For more information on how our compassionate caregivers are able to help, call (602) 388-1085.