What do I do?
Of course, this is a hard subject to breach.
Also: Plan for multiple conversations, and start slow.
Then, make the conversation more about a joint effort.
In the first conversation, Tessler says you don’t need to get to numbers yet.
“I get there, but never right away,” she says.
For example, if they are nearing retirement, what do they want to do with their savings?
From values, you’re free to eventually move on to more of the logistics, like bookkeeping.
“Get all of this information down in one place,” Tessler says.
“This is very important work.
And for some people, it’s easy, and their parents have it all organized already.
For others, it will take some gentle pushing.”
And, as always, be mindful of the emotions that your parents might be going through.
It’s sensitive stuff for all of us."
Finally, get on the same page.
Or maybe they have enough to live comfortably come retirement.
Regardless, both parties need to be aware just in case something happens.
She notes that the pace of the conversation really just depends on your relationship with your parents.
“Say, ‘I have a question about money, is now a good time?”
And always go back to that body check-in, she says.
Having that framework can be very important."
