Growing up you may have gotten used to being accountable to your parents when it comes to financial advice and readiness.
However, as you get older, it is important to check in with your parents to ensure their fiscal readiness as they step in to this next phase in their financial lives. Read more for 3 tips on what and how to discuss with your parents.
1) Retirement Readiness
Discussing retirement with your parents can be a great way to get a grasp on if they are being proactive about saving for their future plans.
An organic strategy to discuss retirement readiness is to add it on to a conversation surrounding your own 401k contributions.
Once you know that your parents are financially prepared for retirement, you can feel secure knowing that they are prepared for what comes next.
2) Extended Care Insurance
Both long-term assisted living and in home care can be a huge financial undertaking.
If you would like to make sure you parents are prepared for the costs that may be incurred later in life, it is good to start this conversation early.
When you ensure that your parents are prepared with long term health care insurance you can rest assured knowing that they have the financial security to carry them as they age.
3) Estate Planning
Wills, trusts and life insurance can be an emotional topic.
However, in order to avoid and family or legal issues in the future this is one uncomfortable topic, you should discuss with your parents while they are still around.
Speak with you parents to be sure that their directives are clearly laid out and identified in their will so that there will be no confusion or discord in the future. You can always enlist the help of an estate attorney and a financial planner to help with these discussions!
Financial Planners in McLean VA
Argent Bridge Advisors is here to help you and your family as you make sound financial decisions for the future.
To learn more about the services offered at Argent Bridge Advisors or to schedule a consultation visit the website today or call (833)568-4900.