The last time you were having “the talk” with one of your kids, you were probably bracing yourself for a potentially embarrassing conversation about the birds and the bees. Fortunately, you’ve all grown up a lot since then. At this stage in your life, there’s another important discussion to have with your kids, but this “talk” will be a lot different. It’s about your retirement and what that means for you and your family.
In this article for U.S. News and World Report, author Rodney Brooks offers helpful guidance to parents preparing for “the retirement talk” with their kids – whether the kids are still at home, getting some financial support, or completely independent.
Here are the key steps for open communication:
Give plenty of notice.
Share financial information.
Phase out financial support.
Be up front with boomerang kids.
Discuss your new lifestyle.
Prepare and share documents.
Make a list of contact information.
Another key point:
It’s also important for your children to know your preferences for an assisted living facility or a nursing home when you get older. “Some want to live with their kids, some do not,” [Ben Barzideh, wealth advisor at Piershale Financial Group in Crystal Lake, Illinois] says. Another aspect of the conversation is how you will pay for long-term care.
Read Brooks’ article, “The Talk to Have With Your Kids Before You Retire” on the U.S. News and World Report website.