Many parents want to maintain their independence as they age and do not want to reverse rolls and have their children care for them. Aging parents and finances can be tricky to navigate. The conversation can be awkward or be met with resistance.
A 2010 Investor Protection Trust Elder Fraud Survey, said that one in five Americans over age 65 had been victimized by financial fraud. You need to help protect your parents as they age and schedule time for those difficult conversations.
When to Take Action
Adult children should take note if a senior parent shows signs of forgetfulness, if they misplace bills and other documents and if they can’t retain information during a conversation. Forgetting or misplacing something infrequently is not the problem. The red flag appears when you have to explain something multiple times in a short time span.
Some other signs that your parents might need financial help are:
Ways to bring up the topic and avoid conflict:
Organize their finances:
The Bottom Line
Being proactive is best; don’t wait for a crisis. Talk to your aging parents about money during calm times. To keep peace in the family, have an open, honest conversation involving your parents and siblings.