Discussing Finances With Your Aging Parents
on January 25th, 2021 in Acworth Ga, Alpharetta, GA, Cumming, GA, Dunwoody, GA, Eagles Landing, GA, Grayson, Lifestyle | No Comments
One of the most uncomfortable conversations you can have with your parents can be the one about money. Studies show that over 75% of adult children have not had a conversation about their parents’ finances. A simple conversation can help you make the best decision for your parents, whether that be senior living options or after-retirement life. At Dogwood Forest, your senior living community of Dunwoody, Acworth and Grayson, we have created a list of ways to talk with your senior adult parents about their finances and wish for the future.
How To Get Started
Some adults may not know what their next steps should be financially or they do not want to burden their children with extra stress, but talking about your parents’ finances will do more good than bad. Growing old doesn’t automatically mean you stop living life. Reassure your parents that there are many options for their future. Some ideas to lay the groundwork for the conversation include:
- Find a Date That Works for Both Parties: it may seem self-explanatory, but both sides need enough time to actually think it over and make an educated decision.
- Be Straightforward: People appreciate it when you do not beat around the bush, and get straight to the point. Being compassionate and straightforward builds trust.
- Do Not Make It About Money: While the point of the conversation is to learn your parents’ financials, your talking points should be more “bigger picture.” Less about money and more about what is simply the best for their future.
- Reverse The Roles: If you think they may be uncomfortable talking about finances to their children, try switching the roles. Ask for advice about saving for retirement and see if they shed any light on their own situations.
- Use Big Life Moments: Things like graduation, death, having a baby and marriage can all be casual conversation starters that you can put a monetary spin on.
With the new year already upon us, creating a plan to talk to your parents can make some of the most beneficial changes.
Considering Senior Living?
Some of the biggest challenges that present themselves are everyday life issues. If your parents live by themselves, things like grocery shopping and preparing food can become a chore. If they are still in the workforce, are they overworking or over stressing themselves? Do your parents own the house they live in or are they renting? Do they have a consistent income? All of these issues present their own challenges and deserve their own conversation.
Just because you answered yes to any of the questions above doesn’t mean that the only option is assisted or senior living. There are other alternatives but when the stresses become too much, one of these may be the best option. If you plan on taking on the role of caregiver to your aging parent, here are some tips to remember:
- Time Extensive: Taking care of any loved ones can be time-consuming. If you work full time and plan on taking on the responsibility of taking care of your parents, you might want to reconsider.
- Emotionally Draining: Reversing the role of your parents can be challenging. Taking care of someone who used to care for you can be a rollercoaster of emotions. Remember to put your mental health first, you cannot take care of others if you do not care for yourself first.
- Work Limitations: If you have one or both of your parents living in the home with you, you may be more likely to turn down promotions if it means time away from your parents. The dilemma between money and time needed to take care of an aging parent is like a balancing act. Lean too far into one side, and the whole thing will fall apart.
If being a caretaker sounds like it might be too much, consider Dogwood Forest. With services in assisted living, memory care, and short-term senior living care, the right match can be found for you and your family.
What If You Have Siblings?
Talking with your siblings about your parents’ income can be another challenging conversation. Everyone has their own life, how can you be sure everyone is on the same page? The first course of action is to create a plan. You must set aside differences to ensure your parents get the treatment that matches their needs. Next, make sure that everyone’s priorities are in line. If your parents’ health is most important, make the sacrifices needed to ensure that they stay healthy. If the priority is your parents’ income, create a plan for spending to maintain their standard of living.
Overall, the most important thing to remember is to have a plan and stick to it. Working together as a team for your parents’ future is the best way to provide it for them.
Dogwood Forest – Your Top Senior Living Facility in Dunwoody, Acworth and Grayson, Georgia
As a high quality and caring assisted living communities provider, we’re here for you. Offering support when it’s needed most is our passion, so think of us as an extension of your family. Our staff is not only trained to provide the best possible care but we also serve with compassion that will make your loved ones feel right at home. Withlocations in Dunwoody, Atlanta, Grayson, and Acworth, Dogwood Forest is ready to help during your time of need.
Contact us today to learn more about our assisted living communities and services, or how to make the holidays special for the senior in your life. Call us now at 770-350-7833 to take the next step of your journey.